SMM News, April 3:
LME lead opened at $1,904.5/mt this week. At the beginning of the week, amid disruptions from geopolitical tensions and a stronger US dollar, LME lead swung wildly within the range of $1,892.5-1,917/mt, hitting a low of $1,892.5/mt during the period. Mid-week, the market expected geopolitical tensions to ease, and coupled with support from the non-ferrous metals sector, lead prices fluctuated upward and climbed to a high of $1,944/mt. Toward the end of the week, geopolitical tensions flared up again, and together with profit-taking by bulls, LME lead retreated from highs and consolidated. Supported by the strength of SHFE lead, its losses narrowed, and it finally closed at $1,934.5/mt, up $31.5 from the beginning of the week, or 1.66%. The market was closed on Friday for Good Friday.
The most-traded SHFE lead 2605 contract opened at 16,535 yuan/mt this week. In early trading, lead prices edged down and fell to a low of 16,415 yuan/mt, then moved sideways within the range of 16,430-16,530 yuan/mt. Mid-week, bullish funds pushed lead prices higher and kept them hovering at highs, with prices touching a high of 16,810 yuan/mt by the close. It finally closed at 16,785 yuan/mt, up 230 yuan WoW, or 1.39%.
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