Domestic and overseas lead ingot inventory declines, lead prices rebound [SMM Morning Lead News]

SMM May 26 News:

Last Friday, LME lead opened at $1,971.5/mt. During the Asian session, LME lead moved sideways, basically consolidating within the range of $1,985-1,990/mt. However, as the market entered the European session, the US dollar strengthened amid volatility, exerting downward pressure on non-ferrous metals. Consequently, LME lead fell to $1,975/mt. Later, supported by destocking of lead ingots, LME lead gradually recovered its losses and approached the $2,000/mt threshold, eventually closing at $1,994/mt, up 1.53%. Additionally, today is a bank holiday in the UK, and the LME lead market will be closed for the day.

Last Friday, the most-traded SHFE lead 2507 contract opened at 16,835 yuan/mt. With the reduction in lead ingot inventory, SHFE lead surged to 16,870 yuan/mt in the early session. However, due to the lingering weakness during the off-season, the upward momentum of SHFE lead was insufficient. During the latter half of the trading session, it oscillated mainly within the range of 16,800-16,850 yuan/mt, eventually closing at 16,850 yuan/mt, up 0.45%. Its open interest stood at 46,061 lots, a decrease of 1,318 lots from the previous trading day.