LME Lead and Shanghai-London Spread Continue Range-Bound Fluctuations, Awaiting Next Week's Macro Guidance [SMM Lead Morning Briefing]

SMM September 12:

Overnight, LME lead opened at $1,986.5/mt. After opening, it fluctuated rangebound between $1,985-1,990/mt. During the European session, its trading center moved downward near $1,980/mt. Later, due to a decline in lead ingot inventory and a drop in the US dollar index, LME lead reversed its trend and rebounded overnight, approaching the $2,000/mt mark at one point during the session, but ultimately failed to hold above it. It finally closed at $1,995.5/mt, up 0.35%.

Overnight, the most-traded SHFE lead 2510 contract opened at 16,860 yuan/mt. Weighed down by an accumulation of lead warrant inventory, SHFE lead performed weaker than during the day at the beginning of the session, then gradually fluctuated upward, continuing the recent rangebound trend. It finally closed at 16,900 yuan/mt, up 0.24%, with open interest at 49,603 lots, flat from the previous trading day.