Factors such as tariffs and costs intertwine, with LME lead and SHFE lead consolidating at high levels [SMM Lead Morning News]

SMM reported on July 10:

Overnight, LME lead opened at $2,043.5/mt. With the ongoing risk of US tariffs, LME lead fluctuated downward during the Asian session, until it traded near $2,035/mt during the European session. Later that night, the US Fed released the latest meeting minutes, causing the US dollar index to jump initially and then pull back. LME lead stopped falling and rebounded, eventually closing at $2,058.5/mt, up 0.71%.

Overnight, the most-traded SHFE lead 2508 contract opened at 17,180 yuan/mt. Dragged down by the decline in LME lead in the early session, SHFE lead consolidated slightly near 17,150 yuan/mt. Subsequently, SHFE lead gradually fluctuated upward, returning above the intraday operating level of 17,200 yuan/mt. Eventually, SHFE lead closed at 17,225 yuan/mt, up 0.15%, with its open interest reaching 51,917 lots, a decrease of 344 lots from the previous trading day.