US Tariff Policy Tightened, Domestic and International Lead Prices Continue High-Level Fluctuations [SMM Lead Morning Brief]

SMM, February 11:

Overnight, LME lead opened at $1,993/mt. During the Asian session, LME lead consolidated, fluctuating mainly between $1,990-2,000/mt. Entering the European session, concerns over the US tariff policy escalation caused the center of LME lead to shift downward, with intraday prices once dropping to $1,975.5/mt. By the late session, LME lead rebounded, eventually closing at $1,997.5/mt, up 0.38%.

Overnight, the most-traded SHFE lead 2503 contract opened at 17,100 yuan/mt. SHFE lead overall fluctuated upward, and despite weakening during the session due to LME lead's decline, it recovered losses in the latter half of the trading session, moving to around 17,200 yuan/mt. It finally closed at 17,190 yuan/mt, up 0.17%, with open interest at 40,571 lots, a decrease of 2,463 lots compared to the previous trading day.