US Tariff Hike Risk Escalates, LME Lead Trading Center Shifts Lower [SMM Lead Morning Brief]

SMM March 4 News:

Overnight, LME lead opened at $1,994.5/mt. The US tariff hike news continued to ferment, leading to increased market concerns, and during the Asian session, the trading center of LME lead gradually shifted downward. However, entering the European session, the US dollar index weakened, and most base metals rebounded, with LME lead also attempting to return to $2,000/mt. Ultimately, LME lead closed at $1,994.5/mt, up 0.38%.

Overnight, the most-traded SHFE lead 2504 contract opened at 17,270 yuan/mt. The increase in lead ingot supply coexisted with imbalances in raw material supply, leading to a stalemate between bulls and bears in the futures market. After opening, SHFE lead traded mostly within 17,245-17,260 yuan/mt until it finally closed at 17,260 yuan/mt, up 0.09%. Its open interest reached 48,099 lots, an increase of 544 lots compared to the previous trading day.