SHFE Lead Closed Lower [SMM Lead Morning Comment]

Overnight, LME lead opened at $2,200.5/mt, fluctuated downwards during the Asian session, rebounded after hitting a low of $2,162/mt during the European session, reached a session high of $2,224/mt, and finally closed at $2,215.5/mt, up $22.5/mt, or 1.03%. Overnight, the most-traded SHFE lead contract (2408) opened at RMB 18,805/mt, rose slightly to a session high of RMB 18,905/mt at the beginning, then fell back to consolidate near the daily moving average, touched a low of RMB 18,680/mt, and finally closed at RMB 18,840/mt, down RMB 200/mt, or 1.05%.