High Inventory Pressure Looms, LME Lead Nearly Lost the 60-Day Moving Average [SMM Lead Morning Brief]

Published: Apr 23, 2026 09:01

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[SMM Lead Morning Brief: Under High Inventory Pressure, LME Lead Nearly Lost the 60-Day Moving Average] On April 23, SMM reported: Overnight, LME lead opened at $1,959/mt. During the Asian session, LME lead was in the doldrums, testing the $1,950/mt level several times and finding support at the 60-day moving average...

SMM, April 23:

Overnight, LME lead opened at $1,959/mt. During the Asian session, LME lead was in the doldrums, testing toward $1,950/mt several times and finding support at the 60-day moving average. Entering the European session, continued lead ingot destocking outside China helped LME lead gradually recover the previous day's losses, approaching $1,970/mt toward the close and ultimately settling at $1,963/mt, up 0.31%.

Overnight, the most-traded SHFE lead 2606 contract opened at 16,750 yuan/mt. SHFE lead warrant inventory continued to rise, but import expectations declined. Bulls and bears remained locked in a standoff, and SHFE lead consolidated within the range of 16,700-16,775 yuan/mt for an extended period, ultimately closing at 16,760 yuan/mt, down 0.03%. Open interest stood at 65,300 lots, an increase of 1,468 lots from the previous trading day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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