Multiple Factors Interplay, LME Lead Shows "V"-shaped Trend [SMM Lead Morning News]

SMM May 9 News:

Overnight, LME lead opened at $1,957.5/mt, with a "V"-shaped trend throughout the day. During the Asian session, LME lead mostly consolidated around $1,950/mt. Entering the European session, LME lead gradually fluctuated downward, amid a strengthening US dollar index, which put downward pressure on non-ferrous metals, causing LME lead to fall to $1,932.5/mt. However, as lead inventory continued to decline, LME lead recouped its intraday losses during the night session, eventually closing at $1,952.5/mt, down 0.36%.

Overnight, the most-traded SHFE lead 2506 contract opened at 16,760 yuan/mt. With weak consumption and reduced supply coexisting, longs and shorts continued to battle throughout the session, with SHFE lead fluctuating rangebound. However, the price center moved slightly higher compared to the previous day, and SHFE lead eventually closed at 16,785 yuan/mt, up 0.06%. Its open interest reached 34,729 lots, an increase of 347 lots from the previous trading day.