Overnight LME lead inventory surged significantly, lead futures in the doldrums [SMM Lead Morning News]

SMM Oct. 15:

Overnight, LME lead opened at $1,994/mt, fluctuated downward during the Asian session, and continued to weaken after entering the European session, then moved sideways under pressure along the daily moving average, with the low touching $1,975/mt, and finally closed at $1,977.5/mt, down $16/mt or 0.8%.

Overnight, the most-traded SHFE lead 2511 contract opened lower at 17,010 yuan/mt, rose slightly at the beginning of the session to hit a high of 17,075 yuan/mt, then weakened all the way and fell below the daily moving average, finally closing at 17,015 yuan/mt, down 70 yuan/mt or 0.41%.