SMM, March 6:
Overnight, LME lead opened at $2,009/mt and fluctuated upward throughout the day, with its overall price center moving higher. Particularly during the European session, LME lead inventory saw an expanded decline, coupled with the US dollar index dropping to a four-month low, leading to a general strengthening of base metals. LME lead reached a peak of $2,035/mt, hitting a nearly three-month high. It eventually closed at $2,030/mt, up by 0.87%.
Overnight, the most-traded SHFE lead 2504 contract opened at 17,350 yuan/mt. With an accumulation in SHFE lead warehouse warrant inventory and the advancement of new capacity on the domestic supply side, SHFE lead initially reversed its daytime strength. Later, driven by the rise in LME lead, SHFE lead strengthened again but ultimately failed to break through the daytime high. It finally closed at 17,410 yuan/mt, up by 0.49%, with open interest at 49,996 lots, a decrease of 675 lots compared to the previous trading day.
