US Dollar Index Rose First and Then Fell, Lead Prices Closed Higher Overnight [SMM Lead Morning Comment]

Overnight, LME lead opened at $2,175/mt. During the Asian session, it narrowly fluctuated as both bulls and bears were in a wait-and-see mode. Entering the European session, as expectations for US Fed rate cuts diminished, the US dollar index strengthened, putting pressure on LME lead, which fell to a low of $2,156.5/mt. At the end of the session, the US dollar weakened slightly, and LME lead rose to a high of $2,219/mt, finally closing at $2,212/mt, up by 2.27%.

Overnight, the most-traded SHFE lead 2408 contract opened higher at 18,995 yuan/mt, briefly touched a low of 18,925 yuan/mt at the beginning of the session, reaching a high of 19,215 yuan/mt. After a pullback, it narrowly fluctuated and finally closed at 19,185 yuan/mt, up by 1.72%.