SMM News on July 30:
Overnight, LME lead opened at $2,024.5/mt. During the Asian session, LME lead moved sideways, consolidating around $2,020/mt for most of the time. As it entered the European session, the US dollar index strengthened, coupled with a significant increase of nearly 7,000 mt in LME lead inventory in a single day, the overall center of LME lead's operation shifted downward, reaching a low of $2,007/mt during the period. The nighttime trend fluctuated slightly, and LME lead eventually closed at $2,020/mt, up 0.12%, recording a four-day losing streak.
Overnight, the most-traded SHFE lead 2509 contract opened at 16,870 yuan/mt. With expectations of a supply recovery rising, bears entered the market in a concentrated manner at the beginning of the session, pushing SHFE lead down to 16,870 yuan/mt and breaking below all daily averages. However, secondary lead was still in a state of loss, and the tug-of-war between longs and shorts intensified in the latter half of the trading session. SHFE lead recovered some of its losses, eventually closing at 16,910 yuan/mt, down 0.21%. Its open interest reached 65,827 lots, an increase of 1,293 lots from the previous trading day.
