US Dollar Index Fluctuates at Highs, LME Lead Drops Over 2% [SMM Lead Morning Brief]

SMM January 9:

Overnight, LME lead opened at $1,970/mt and fluctuated rangebound during the Asian session. Entering the European session, LME lead first rose and then fell, reaching a high of $1,972/mt before plunging. With the US dollar index fluctuating at highs, LME lead came under pressure and dropped to a low of $1,928/mt, finally closing at $1,930.5/mt, down 2.13%.

Overnight, the most-traded SHFE lead 2502 contract opened lower with a gap at 16,680 yuan/mt, briefly touching a high of 16,690 yuan/mt at the beginning of the session. It fluctuated rangebound during the session, hitting a low of 16,625 yuan/mt and finally closing at 16,630 yuan/mt, down 0.72%.