SMM Lead Market Morning Comment (July 22)

Last Friday, LME lead opened at $2,152.5/mt, with its trading range gradually moving downwards throughout the day. By the night session, the decline in LME lead expanded, reaching a low of $2,120/mt, the lowest since April 8, 2024, and finally closed at $2,121.5/mt, down 1.55%.

Last Friday, the most-traded SHFE lead 2409 contract opened at 19,465 yuan/mt. With expectations of supply resumption intensifying, SHFE lead showed a move downwards after a higher opening, trading around 19,330 yuan/mt. It eventually closed at 19,370 yuan/mt, down 0.39%; its open interest reached 100,000 lots, an increase of 8,415 lots from the previous trading day.