SMM Lead Market Morning Comment (Jul 19)

Overnight, LME lead opened at $2,188/mt, fluctuating upward during the Asian session. Entering the European session, LME lead briefly touched a high of $2,207/mt, then retreated and fluctuated downward. Together with the strengthening of the US dollar index, SHFE lead in the night session dipped to $2,149.5/mt and closed at $2,155/mt, down by 1.35%.

Overnight, the most-traded SHFE 2408 lead contract opened at 19,850 yuan/mt. At the beginning of the session, longs took profits and reduced positions, causing SHFE lead to fluctuate downward to 19,765 yuan/mt. After touching the low, it rebounded slightly and closed at 19,850 yuan/mt, down by 0.3%.