SMM, December 23:

Last Friday, LME lead opened at $1,956/mt. During the Asian trading session, the futures market was sluggish, with LME lead fluctuating mostly between $1,965-1,975/mt. Entering the European session, the US dollar index fell consecutively, while LME lead inventory decreased by nearly 3,000 mt, reaching the lowest level in a month. LME lead then fluctuated upward, peaking at $1,990/mt and finally closing at $1,981/mt, up by 0.41%.

Last Friday, the most-traded SHFE lead 2502 contract opened at 17,445 yuan/mt. With both destocking of lead ingots and expectations of smelter resumption coexisting, the futures market saw a tug-of-war between bulls and bears, with SHFE lead mostly trading between 17,375-17,425 yuan/mt before finally closing at 17,405 yuan/mt, up by 0.29%. Its open interest reached 60,941 lots, down by 70 lots compared to the previous trading day.