Bullish and bearish factors intertwine, LME lead and SHFE lead show weak consolidation [SMM Lead Morning News]

SMM, May 28:

Overnight, LME lead opened at $1,987/mt. Trading in LME lead was sluggish during Asian hours, with prices basically consolidating between $1,980-1,985/mt. As it entered European hours, the US dollar fluctuated and strengthened, causing LME lead to reverse and pull back. Coupled with the gradual increase in lead ingot inventory, LME lead gradually moved towards $1,970/mt. By the end of the session, LME lead partially recovered some of its losses, eventually closing at $1,988.5/mt, down 0.28%.

Overnight, the most-traded SHFE lead 2507 contract opened at 16,790 yuan/mt. With the gradual increase in lead ingot warrant inventory, the center of SHFE lead's operation moved further downward. However, the prices of raw materials such as scrap batteries rose instead of falling, leading to a mix of bullish and bearish factors. During the latter part of the trading session, SHFE lead consolidated within a narrow range of 16,750-16,775 yuan/mt for an extended period. Eventually, SHFE lead closed at 16,765 yuan/mt, down 0.15%, with its open interest reaching 47,205 lots, an increase of 1,141 lots from the previous trading day.