SMM Lead Market Morning Comment (Aug 1)

Overnight, LME lead opened at $2,038.5/mt. During the Asian session, it consolidated around the daily moving average. Entering the European session, amid a generally rising atmosphere for base metals due to the intensified decline of the dollar, LME lead strengthened all the way to a high of $2,100/mt, and finally closed at $2,099.5/mt, up $64/mt, an increase of 3.14%.

Overnight, the most-traded SHFE 2409 lead contract opened at 18,820 yuan/mt. After initially declining to a low of 18,760 yuan/mt, it rebounded and rose to a high of 18,970 yuan/mt, supported by the strength in LME lead. After consolidating, it finally closed at 18,950 yuan/mt, up 180 yuan/mt, an increase of 0.96%.