Insufficient Bullish Factors Lead to Lead Prices Pulling Back After Surging [SMM Lead Morning Brief]

SMM September 8 news:

Last Friday, LME lead opened at $1,989.5/mt and fluctuated upward throughout the day, especially during the European session when LME lead inventory declined and the US dollar index dropped, pushing the price to a high of $2,004/mt. However, during the night session, the US dollar index rebounded, causing LME lead to give back most of its gains and show a trend of jumping initially and then pulling back. LME lead finally closed at $1,988/mt, down 0.08%.

Last Friday, the most-traded SHFE lead 2510 contract opened at 16,915 yuan/mt. Initially driven by the rise in LME lead, SHFE lead showed strong performance, reaching a high of 16,925 yuan/mt. However, weak domestic consumption persisted, leading SHFE lead to move downwards after a higher opening, finally closing at 16,840 yuan/mt, down 0.24%. Its open interest increased by 448 lots to 49,874 lots compared to the previous trading day.