Domestic and Overseas Lead Inventory Declined, LME Lead and SHFE Lead Hold Up Well [SMM Lead Morning News]

SMM September 9 News:

Overnight, LME lead opened at $1,989.5/mt. During the Asian session, LME lead was in the doldrums, mainly trading between $1,985-1,990/mt. Meanwhile, expectations for US Fed interest rate cuts intensified, and the US dollar index fluctuated downward, prompting LME lead to stop falling and rebound. Particularly after LME lead inventory dropped sharply by over 5,000 mt, LME lead rose sharply but failed to firmly break the $2,000/mt psychological barrier. Eventually, LME lead pulled back after hitting highs and closed at $1,990/mt, up 0.1%.

Overnight, the most-traded SHFE lead 2510 contract opened at 16,920 yuan/mt. As domestic lead production cuts gradually progressed, SHFE lead held up well, though weak consumption remained a key factor hindering its rise. During the session, SHFE lead reached a high of 16,940 yuan/mt, facing strong resistance at the 17,000 yuan/mt level, and ultimately closed at 16,915 yuan/mt, up 0.15%. Open interest increased by 804 lots to 49,688 lots compared with the previous trading day.