Overnight, LME copper opened at $9,619.5/mt, hitting an intraday high of $9,635.5/mt shortly after the opening bell.

On Thursday (June 19) during the early trading session of the US stock market, US President Trump posted that he believed the US Fed should have cut interest rates by 250 basis points in its decision the previous day.

[SMM Lead Morning Brief: Macro Weakness Persists, Insufficient Momentum for Domestic and Overseas Lead Price Increases] SMM June 20 News: Overnight, LME lead opened at $1,989.5/mt. During the Asian session, LME lead maintained a high-level consolidation trend but failed to break through the $2,000/mt integer mark...

[SMM Lead Morning Meeting Summary: Domestic Supply and Demand Both Weak, Short-Term Lead Prices May Remain High and Consolidate] Trump frequently pointed out that "Mr. Too Late" Powell's failure to cut interest rates has cost the US "hundreds of billions of US dollars." Recently, most secondary lead enterprises in China have been in a state of production reduction or suspension, coupled with an increase in maintenance at primary lead enterprises, leading to a relatively tight supply of lead ingots...

The expectation of firm raw material prices coupled with tightening supply of primary lead has made lead prices resilient to decline; the impact of the domestic traditional consumption off-season has not significantly improved, becoming the main factor dragging down lead prices.

[SMM Social Inventory of Lead Ingots: Supply Tightens Alongside Delivery, Social Inventory of Lead Ingots Rises Then Falls] This week, the SHFE lead 2506 contract entered the delivery phase. The transfer of inventory by suppliers due to delivery led to an increase in the social inventory of lead ingots. However, in the second half of the week, after the delivery, the supply re-entered the market, and downstream enterprises purchased on demand, causing the social inventory to reverse and decline.....

[SMM Shanghai and Other 1# Lead Markets: SHFE Lead Nears 17,000 yuan/mt Threshold, Spot Market Transactions Weaken] SMM June 18 Report: In the Shanghai market, Chihong and Honglu lead are priced at 16,880-16,940 yuan/mt, quoted at a discount of 50-0 yuan/mt against the SHFE lead 2507 contract. In the Jiangsu and Zhejiang markets, JCC lead is priced at 16,930-16,940 yuan/mt, quoted at parity against the SHFE lead 2507 contract. Benefiting from the news that SHFE has allowed overseas traders to participate, lead prices surged strongly in the morning...