SMM Lead Market Morning Comment (July 18)

Overnight, LME lead opened at $2,189.5/mt. During the Asian session, it slightly fluctuated downward to a low of $2,197/mt. Entering the European session, the US dollar index fell to a four-month low. LME lead surged to a high of $2,224.5/mt. In the night session, it was dragged down by SHFE lead, pulling back from the high and closed at $2,184.5/mt, a decrease of 0.21%.

Overnight, the most-traded SHFE lead 2408 contract opened at 19,985 yuan/mt. It initially touched a high of 20,050 yuan/mt, but then fluctuated downward to a low of 19,805 yuan/mt due to profit-taking by longs. It closed at 19,860 yuan/mt, an increase of 0.28%.