SMM Lead Market Morning Comment (July 16)

Overnight, LME lead opened at $2,206/mt, briefly touched a high of $2,212.5/mt during the Asian session, then fluctuated downward, reaching a low of $2,185/mt during the European session, and finally closed at $2,191.5/mt, down by 1.02%.

Overnight, the most-traded SHFE lead 2408 contract opened at 19,585 yuan/mt, briefly touched a low of 19,585 yuan/mt at the beginning of the session, then was boosted by LME lead, leading the bulls to increase their positions. SHFE lead rose to a high of 19,745 yuan/mt before consolidating, and finally closed at 19,730 yuan/mt, up by 0.66%.