SMM News on July 28:
On Friday last week, LME lead opened at $2,026.5/mt. During the Asian session, LME lead fluctuated upward. Coupled with the drawdown of LME lead inventory, the overall center of operation moved higher, reaching a peak of $2,041.5/mt during the period. However, in the tail end of the night session, LME lead reversed its trend and pulled back, surrendering most of its gains. LME lead eventually closed at $2,020.5/mt, down 0.12%.
On the same day, the most-traded SHFE lead 2509 contract opened at 16,960 yuan/mt. Driven by the rise in LME lead, SHFE lead surged rapidly to 17,085 yuan/mt upon opening. However, as visible inventory of lead ingots accumulated and supply gradually recovered, SHFE lead pulled back after hitting a high and fell below 17,000 yuan/mt again. SHFE lead eventually closed at 16,845 yuan/mt, down 0.38%. Its open interest reached 71,589 lots, a decrease of 1,738 lots from the previous trading day.
