SMM Lead Market Morning Comment (Aug 2)

Overnight, LME lead opened at $2,100/mt. During the Asian session, it consolidated around the intraday moving average before weakening slightly. Entering the European session, it continued to fluctuate downward, hitting a low of $2,048/mt, and finally closed at $2,050.5/mt, down $49/mt, a decrease of 2.33%.

Overnight, the most-traded SHFE 2409 lead contract opened at 18,725 yuan/mt. After briefly touching 18,735 yuan/mt at the beginning of the session, some long funds exited, the price spread between the front-month and next-month contracts narrowed, and the squeeze atmosphere faded. The most-traded SHFE lead contract weakened all the way down, consolidating slightly under pressure at 18,350 yuan/mt, hitting a low of 18,270 yuan/mt, and finally closed at 18,305 yuan/mt, down 555 yuan/mt, a decrease of 2.94%.