The impact of tariff policies continues to ferment, and lead prices stop falling and rebound [SMM Lead Morning News]

SMM July 9 News:

Overnight, LME lead opened at $2,038/mt. The impact of US tariffs continued to unfold, with market focus shifting from concerns about economic downturn to changes in specific metal tariff policies, such as the expected increase in copper tariffs. Non-ferrous metals gradually recovered from the previous day's losses, and LME lead generally fluctuated upward, trading near $2,062/mt. Ultimately, LME lead closed at $2,044/mt, up 0.32%.

Overnight, the most-traded SHFE lead 2508 contract opened at 17,190 yuan/mt. The impact of tariffs weakened, and traders' focus returned to fundamentals. With expectations of traditional consumption remaining, bulls in SHFE lead added positions again at the beginning of the trading session, pushing lead prices above 17,200 yuan/mt, with an intraday high of 17,280 yuan/mt. Ultimately, SHFE lead closed at 17,275 yuan/mt, up 0.93%, with open interest reaching 52,386 lots, an increase of 769 lots from the previous trading day.