SMM Lead Morning Comment

Overnight, LME lead opened at $2,216/mt, showing a bullish trend throughout the day, peaking at $2,236/mt, a new high in a week and a half. However, high overseas LME lead stocks still exist, and in the latter part of the trading session, LME lead gradually gave back its gains, finally closing at $2,214/mt, down 0.34%.

Overnight, domestic lead prices continued to benefit from tight supply. The most-traded SHFE lead contract opened at 19,680 yuan/mt and rose strongly, peaking at 19,840 yuan/mt, a new high since July 5, 2018. In the latter part of the trading session, the battle between bulls and bears intensified, and SHFE lead slightly gave back its gains, finally closing at 19,770 yuan/mt, up 1%. Open interest was 112,000 lots, down 143 lots from the previous trading day.