SMM Lead Morning Comments

Overnight, LME lead opened at US$2,074.5/ton. Entering the European period, the pressure on LME lead storage became more prominent, with a daily increase of nearly 10,000 tons, breaking through the 100,000 ton mark, setting a new high since May 25, 2021. LME lead prices finally closed at US$2,091.5/ton, an increase of 0.67%.

The most-traded SHFE 2311 Lead contract opened at 16255 yuan/mt in overnight trading, with the high-end of 16455 yuan/mt. The contract closed at 16345 yuan/mt, an increase of 0.8%. Open interest stood at 70976 lots, a decrease of 3652 lots from the previous trading day.