SMM March 28 News:
Overnight, LME lead opened at $2,087.5/mt, hovering at highs during the Asian session and approaching the $2,100/mt level again. However, as the European session began, market concerns over the US tariff hike increased, and the US dollar index consolidated at highs. Bulls gradually withdrew during the session, leading to a step-by-step decline in LME lead, which erased the gains of the previous two days. It finally closed at $2,040/mt, down 2.32%.
Overnight, dragged by the decline in LME lead, the most-traded SHFE lead 2505 contract opened at 17,530 yuan/mt and traded below the 5-day and 10-day moving averages, consolidating near the 20-day moving average. The positive impact of tightening domestic supply was exhausted, and market concerns over the traditional consumption off-season weighed on SHFE lead, causing its center to shift downward. It finally closed at 17,525 yuan/mt, down 0.54%, with open interest decreasing by 1,554 lots to 52,546 lots compared to the previous trading day.
