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]

Published: Aug 1, 2025 09:01

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[SMM Lead Morning Brief: Fundamental Impact Far Exceeds Fundamentals, Lead Prices Both Domestically and Overseas Fall to Two-Month Lows] SMM August 1 News: Overnight, LME lead opened at $1,990/mt. Under the pressure of weak macroeconomic conditions and high inventory, bears continued to increase their positions after the opening, and LME lead fluctuated downward throughout the day...

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.

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