Geopolitical tensions escalate overseas, LME lead jumps initially and then pulls back [SMM Lead Morning News]

SMM News on June 16:

On Friday, LME lead opened at $1,994.5/mt, showing a pattern of moving downwards after a higher opening. During the Asian session, LME lead fluctuated at highs and continuously attempted to break through the $2,000/mt integer mark, reaching a high of $2,000/mt during the session. However, due to the intensification of geopolitical conflicts in the Middle East and the rise in the US dollar index, LME lead almost gave up all its gains after entering the European session, eventually closing at $1,992.5/mt, up 0.03%.

On Friday, the most-traded SHFE lead 2507 contract opened at 16,915 yuan/mt. With production cuts on the supply side coexisting with the accumulation of visible lead ingot inventory, there was a tug-of-war between long and short positions after the opening. SHFE lead consolidated between 16,900-16,950 yuan/mt for a relatively long time until it eventually closed at 16,920 yuan/mt, down 0.18%. Its open interest stood at 43,128 lots, a decrease of 476 lots from the previous trading day.