SHFE Lead Rose while LME Lead Fell, SMM will Pay Attention to Whether SHFE Lead can Remain at 15300 yuan/mt at Night

SHANGHAI, June 30 (SMM) - The most traded SHFE lead 2208 contract opened at 15,220 yuan/mt today and rose by 65 yuan/mt or 0.43% to 15,280 yuan/mt. During the day, SHFE lead hit the highest point of 15,375 yuan/mt amid the positive market sentiment as the manufacturing PMI exceeded 50 and the positive pandemic policy was released. Near to the close, SHFE lead fell slightly amid the decline of LME lead. Open interest rose by 10,654 lots to 59,671 lots, and trading volume was 82,028 lots. In the spot market, the SHFE lead continued to rise this week, but the increase of spot lead prices was not as high as that of SHFE lead. Although the smelters were enthusiastic to ship and the discounts expanded to more than 150 yuan/mt, the actual transactions were limited as the consumption did not significantly improved. The interest rate hike news continued to affect the LME non-ferrous metal sector, but the impact on domestic environment was relatively limited. Therefore, the SHFE lead rose while LME lead fell. SMM will pay attention to whether SHFE lead can stay at 15300 yuan/mt at night.