Bears/shorts significantly increase positions, SHFE lead breaks below previous operating platform [SMM Lead Morning News]

SMM May 30 News:

Overnight, LME lead opened at $1,986/mt. During the Asian session, LME lead maintained a consolidation pattern, basically fluctuating within the range of $1,980-1,990/mt. As the European session began, bears gradually increased their positions, causing LME lead to fluctuate downward, reaching a low of $1,958/mt, a new low in nearly a week. The decline slowed down towards the end of the session, with LME lead finally closing at $1,960/mt, down 1.43%.

Overnight, the most-traded SHFE lead 2507 contract opened at 16,700 yuan/mt. In the early session, SHFE lead consolidated slightly around 16,700 yuan/mt. Later, as the decline in LME lead widened, bears added positions during the session, causing SHFE lead to plummet. It reached a low of 16,570 yuan/mt during the period, with the overall operating center moving downward and breaking below the lower edge of the previous operating platform. SHFE lead finally closed at 16,600 yuan/mt, down 0.93%. Its open interest reached 50,375 lots, an increase of 4,379 lots from the previous trading day.