Macro Weakness Remains Unchanged, Insufficient Momentum for Lead Price Increases Domestic and Overseas [SMM Lead Morning News]

SMM June 20 News:

Overnight, LME lead opened at $1,989.5/mt. During the Asian session, LME lead consolidated at highs but failed to break through the psychological level of $2,000/mt. Entering the European session, lingering overseas geopolitical tensions heightened market concerns about the economic outlook, coupled with rising lead inventory, causing the center of LME lead's price movement to shift downward. LME lead eventually closed at $1,988.5/mt, down 0.05%.

Overnight, the most-traded SHFE lead 2507 contract opened at 16,920 yuan/mt. The positive news of the SHFE allowing overseas investors to participate in lead futures trading remained, along with a decline in lead warrant inventory, causing SHFE lead to hover at highs, fluctuating mostly between 16,880-16,920 yuan/mt. SHFE lead eventually closed at 16,910 yuan/mt, up 0.18%, with its open interest reaching 33,573 lots, a decrease of 334 lots from the previous trading day.