US Dollar Interest Rate Cut Expectations Rise Again, LME Lead Stops Falling and Rebounds [SMM Lead Morning Brief]

SMM January 17 News:

Overnight, LME lead opened at $1,937/mt, fluctuating upward throughout the day. Remarks by US officials regarding an interest rate cut weakened the US dollar index, while LME lead inventory reversed to a decline. During the European session, LME lead's upward momentum strengthened, reaching a peak of $1,978/mt. By the close, LME lead settled at $1,976.5/mt, up by 2.2%.

Overnight, the most-traded SHFE lead 2502 contract opened at 16,665 yuan/mt. In early trading, SHFE lead surged to 16,700 yuan/mt, but consumption was weighed down by the Chinese New Year holiday, causing SHFE lead to give up part of its gains. In the latter half of the trading session, SHFE lead fluctuated between 16,635-16,665 yuan/mt, eventually closing at 16,645 yuan/mt, up by 0.42%. Its open interest reached 25,208 lots, a decrease of 1,862 lots compared to the previous trading day.