Tariff Disturbances Continue, Overseas LME Lead Surges Strongly [SMM Lead Morning News]

SMM March 26 News: Overnight, LME lead opened at $2,039/mt. After opening, LME lead fluctuated upward throughout the day, continuing to recover from the losses at the beginning of the week. Especially during the night session, the US dollar index declined, and the news of potential US tariffs on copper prompted copper to lead the gains in non-ferrous metals, with LME lead also experiencing a strong rally, reaching a high of $2,085/mt during the session. By the close, LME lead finally settled at $2,082/mt, up 2.26%.

Overnight, the most-traded SHFE lead 2505 contract opened at 17,565 yuan/mt. The domestic off-season consumption and the imbalance between supply-side production cuts coexisted, leading to a tug-of-war in the futures market, with SHFE lead mostly fluctuating between 17,500-17,550 yuan/mt. By the close, driven by the rise in LME lead, SHFE lead once surged to 17,670 yuan/mt and finally settled at 17,660 yuan/mt, up 0.74%. Its open interest reached 60,709 lots, a decrease of 323 lots compared to the previous trading day.