Fundamentals Perform Better Than Expected, SHFE Lead Stops Falling and Rebounds [SMM Lead Morning News]

SMM September 30: Overnight, LME lead opened at $2,003.5/mt. At the beginning of the session, SHFE lead weakened, hitting a low of $1,988/mt. Subsequently, LME lead gradually recovered its losses, especially after lead inventory declined again during the European session, rebounding to around $2,000/mt. However, it failed to reclaim that level and finally closed at $1,997/mt, down 0.22%.

Overnight, the most-traded SHFE lead 2511 contract opened at 16,880 yuan/mt. The decline in lead prices during the day stimulated downstream purchases, and pre-holiday lead inventory continued to decrease. SHFE lead reversed its daytime weakness and recovered most of the losses but failed to reach the 17,000 yuan mark, eventually closing at 16,950 yuan/mt, down 0.09%. Open interest decreased by 3,644 lots to 45,153 lots compared with the previous trading day.