Affected by tariffs and the strengthening of the US dollar index, LME lead jumped initially and then pulled back [SMM Lead Morning News]

SMM News on July 11:

Overnight, LME lead opened at $2,055/mt. During the Asian session, LME lead held up well and surged to a high of $2,071.5/mt during the session. However, in the European session, after surging, LME lead pulled back. Coupled with the strengthening of the US dollar index, LME lead retraced all its gains during the daytime session, and its center of gravity moved further downward overnight. Finally, LME lead closed at $2,037/mt, down 1.04%.

Overnight, the most-traded SHFE lead 2508 contract opened at 17,200 yuan/mt. Dragged down by the cumulative increase in lead ingot inventory, SHFE lead fell rapidly after the opening, dropping below 17,150 yuan/mt. Subsequently, it consolidated within the range of 17,110-17,140 yuan/mt for a relatively long time until it finally closed at 17,115 yuan/mt, down 0.58%. Its open interest reached 52,390 lots, a decrease of 144 lots from the previous trading day.