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[SMM Lead Morning Comment] Overseas inventories increase by more than 10,000 tons daily, and the upward path of LME lead has completely reversed

Published: Mar 1, 2024 09:59
Overnight, LME lead prices opened at US$2084.5/ton. LME lead stocks unexpectedly increased by more than 10,000 tons, recovering all the declines in the past week. Supressed by the US dollar, LME lead dropped to as low as US$2,056/ton, recovering slightly in late trading and finally closing at US$2,065/ton, a decrease of 1.03%.

SHANGHAI, Mar 1 (SMM) -

Overnight, LME lead prices opened at US$2084.5/ton. LME lead stocks unexpectedly increased by more than 10,000 tons, recovering all the declines in the past week. Supressed by the US dollar, LME lead dropped to as low as US$2,056/ton, recovering slightly in late trading and finally closing at US$2,065/ton, a decrease of 1.03%.

The most active SHFE 2404 lead contract prices opened at 15950 yuan/mt last evening and finally closed at 15935 yuan/mt, down 0.06%. Open interest decreased 562 lots to 44567 lots.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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