SMM Lead Morning Comment

Futures Market: Overnight, LME lead opened at $2,170/mt. Lead ingot inventories in the overseas market continued to increase, causing LME lead to shift lower. Later, as the US dollar fell from highs, LME lead bottomed out and climbed but failed to return to $2,200/mt, eventually closing at $2,175/mt, up 0.25%.
Overnight, domestic lead raw material costs rose, and delivery inventory accumulation appeared. The most-traded SHFE lead 2408 contract opened at RMB 18,690/mt, showing strong resilience. It finally closed at RMB 18,705/mt, up 0.43%; open interest stood at 82,517 lots, an increase of 1,544 lots from the previous trading day.