SMM reported on July 8:
Overnight, LME lead opened at US$2,058/mt. Affected by the uncertainty surrounding the US's reciprocal tariff, non-ferrous metals generally weakened, and LME lead also fluctuated downward throughout the day, reaching a low of US$2,031/mt, the lowest in nearly two weeks. Near the end of the trading session, the decline in LME lead slowed, and it eventually closed at US$2,037.5/mt, down 0.95%.
Overnight, the most-traded SHFE lead 2508 contract opened at 17,315 yuan/mt. With the resurgence of US tariff risks and the continued accumulation of social inventory of lead ingots, bears entered the market and increased their positions after the opening, causing SHFE lead to plummet straight down, trading near 17,100 yuan/mt. Meanwhile, the contradiction in domestic raw material supply persisted, with bullish and bearish factors intertwined. In the latter half of the trading session, SHFE lead remained stuck near 17,100 yuan/mt for a long time, eventually closing at 17,110 yuan/mt, down 0.58%. Its open interest reached 51,936 lots, an increase of 891 lots from the previous trading day.
