Multiple factors are favorable, LME lead jumps to a two-and-a-half-month high [SMM Lead Morning News]

SMM News on June 17:

Overnight, LME lead opened at $1,985/mt. During the Asian session, LME lead consolidated, basically oscillating between $1,985-1,990/mt. Entering the European session, the US dollar index fell, coupled with a decline in LME lead inventory, LME lead surged strongly and stood above the $2,000 round-number mark, even reaching $2,016/mt in the final trading hours, a new high in two and a half months. LME lead eventually closed at $1,992.5/mt, up 0.03%.

Overnight, the most-traded SHFE lead 2507 contract opened at 16,995 yuan/mt. Driven by the rise in LME lead, SHFE lead immediately surged to 17,000 yuan/mt after the opening, but quickly retraced some of its gains. In the latter half of the trading session, SHFE lead held up well, failing to touch the 17,000 yuan/mt mark again, until it eventually closed at 16,980 yuan/mt, up 0.35%. Its open interest stood at 41,974 lots, a decrease of 83 lots from the previous trading day.