SMM March 27 News:
Overnight, LME lead opened at $2,077/mt, with its overall price center gradually moving upward, essentially recovering the losses since the beginning of the week. It attempted to regain the $2,100/mt level but failed, reaching a high of $2,094/mt. LME lead finally closed at $2,088.5/mt, up 0.31%.
Overnight, the most-traded SHFE lead 2505 contract opened at 17,625 yuan/mt. The domestic supply tightens and the off-season factor intertwined, leading to a stalemate between bulls and bears after the opening. SHFE lead mostly consolidated between 17,610-17,650 yuan/mt, with the short-term supply imbalance relatively prominent. The overall price center of SHFE lead moved upward compared to the previous day. SHFE lead finally closed at 17,640 yuan/mt, up 0.37%; its open interest reached 58,646 lots, an increase of 550 lots from the previous trading day.
