The impact of funds far exceeds the fundamentals, with domestic and overseas lead prices both falling to a two-month low [SMM Morning Lead News]

SMM News on August 1:

Overnight, LME lead opened at $1,990/mt. Under the influence of a weak macro environment and high inventory pressure, bears continued to increase their positions after the opening, causing LME lead to fluctuate downward throughout the day. It hit a low of $1,963/mt, the lowest in nearly two months. LME lead eventually closed at $1,969.5/mt, down 1.13%, marking six consecutive days of decline.

Overnight, the most-traded SHFE lead 2509 contract opened at 16,705 yuan/mt. After the opening, bears entered the market in a concentrated manner, causing SHFE lead to drop rapidly to 16,630 yuan/mt. During this period, due to losses in secondary lead production, the tug-of-war between longs and shorts intensified, but the downward trend remained unchanged. It hit a low of 16,615 yuan/mt, the lowest in nearly two months. SHFE lead eventually closed at 16,650 yuan/mt, down 0.95%. Its open interest reached 76,262 lots, an increase of 3,631 lots from the previous trading day.