SMM May 12 report:
On Friday evening, LME lead opened at $1,952.5/mt. During the Asian session, it declined to a low of $1,948.5/mt. Entering the European session, it fluctuated upward, reaching a high of $1,985.5/mt. After a period of rangebound fluctuation, it closed at this level, up $33/mt or 1.69% from the previous close.
On Friday evening, the most-traded SHFE lead 2506 contract opened at 16,900 yuan/mt. After declining to a low of 16,800 yuan/mt in the early session, it rose to a high of 16,945 yuan/mt. It then consolidated sideways around the daily moving average, eventually closing at 16,880 yuan/mt, up 90 yuan/mt or 0.54% from the previous close.
