SMM News on July 7:
On Friday last week, LME lead opened at $2,060/mt. With the end of the US's suspension period for reciprocal tariffs, market sentiment grew increasingly concerned. LME lead pulled back relatively after hitting a high in the previous trading day, maintaining a consolidation trend throughout the day, oscillating mostly between $2,055 and $2,065/mt until it finally closed at $2,057/mt, down 0.29%.
On Friday last week, the most-traded SHFE lead 2508 contract opened at 17,315 yuan/mt. With the SHFE lead ingot inventory increasing as expected and tariff risks rising, SHFE lead pulled back, trading between 17,230 and 17,250 yuan/mt until it finally closed at 17,225 yuan/mt, down 0.26%. Its open interest reached 51,651 lots, a decrease of 21 lots from the previous trading day.
