Fundamentals have fully played out, now waiting for macro factors. Domestic and overseas lead prices continue to fluctuate [SMM Lead Morning News]

SMM reported on July 29:

Overnight, LME lead opened at $2,020/mt. Trading in LME lead was sluggish during the Asian session, with prices consolidating basically between $2,015 and $2,020/mt. Entering the European session, LME lead gradually fluctuated upward. Especially after the decline in lead inventory, LME lead once again rose to $2,040/mt, but failed to hold above this level. By the end of the session, it had given up most of its gains, ultimately closing at $2,017.5/mt, down 0.15%, and recording three consecutive days of decline.

Overnight, the most-traded SHFE lead 2509 contract opened at 16,985 yuan/mt. In the early session, due to the ongoing regional tightness in domestic supply, the overall center of SHFE lead prices moved higher, touching the 17,000 yuan/mt mark. However, with the accumulation of lead warrant inventory and the commissioning of new secondary lead capacity, bullish momentum waned. In the latter half of the trading session, SHFE lead gave up some of its gains, ultimately closing at 16,945 yuan/mt, up 0.03%. Its open interest stood at 68,671 lots, a decrease of 1,875 lots from the previous trading day.