Geopolitical Tensions Eased, LME Lead Jumped to a Nearly Half-Month High [SMM Lead Morning Brief]

Published: Apr 2, 2026 09:01

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[SMM Morning Lead Briefing: Easing Geopolitical Tensions Push LME Lead to a Near Half-Month High] SMM, April 2: Overnight, LME lead opened at $1,913/mt. As the market expected geopolitical tensions outside China to ease, the overall center of LME lead moved higher......

SMM, April 2:

Overnight, LME lead opened at $1,913/mt. As the market expected geopolitical tensions outside China to ease, the overall price center of LME lead moved higher. After stabilizing above the 20-day moving average, it also attempted to stand above the 40-day moving average. During the night session in particular, it once climbed to $1,944/mt, the highest level in nearly half a month. It was not until late trading, when bulls took profits, that LME lead gave back part of its gains, finally closing at $1,939/mt, up 1.65%.

Overnight, the most-traded SHFE lead 2605 contract opened at 16,690 yuan/mt. Supported by the gains in LME lead and coupled with the drawdown in lead ingot warrant inventory, SHFE lead fluctuated upward and stood firmly above the 40-day moving average, hitting an intraday high of 16,770 yuan/mt. SHFE lead finally closed at 16,765 yuan/mt, up 1.02%; its open interest stood at 58,434 lots, down 3,234 lots from the previous trading day.

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