Complex Situation Outside China, LME Lead Pulled Back After Hitting Highs [SMM Lead Morning Brief]

SMM, June 1:

Last Friday, LME lead opened at $2,017/mt. Amid expectations of a US-Iran ceasefire, base metals held up well, and LME lead fluctuated on the stronger side throughout the day, reaching an intraday high of $2,027.5/mt, a new high since late January this year. Toward the end of the evening session, some bulls took profits, and LME lead reversed to give back gains, ultimately closing at $2,011.5/mt, down 0.37%.

Last Friday, the most-traded SHFE lead 2607 contract opened at 16,580 yuan/mt. At the start of the session, driven by lead ingot destocking, SHFE lead fluctuated at highs after the open, trading mostly in the range of 16,585-16,600 yuan/mt. Subsequently, dragged down by LME lead's decline, SHFE lead turned lower, ultimately closing at 16,540 yuan/mt, down 0.06%. Open interest stood at 64,210 lots, a decrease of 1,648 lots from the previous trading day.