Against the backdrop of destocking, lead prices in domestic and overseas markets held up well. [SMM Lead Morning News]

SMM Oct. 27:

On Friday, LME lead opened at $2,012/mt. Supported by continued declines in LME lead inventories and a weaker US dollar index, LME lead fluctuated upward throughout the day, hitting an intraday high of $2,020/mt. However, it gave back some gains toward the close, eventually settling at $2,016.5/mt, up 0.22%. In recent sessions, the overall trading center of LME lead has shifted higher, marking six consecutive days of gains.

On Friday, the most-traded SHFE lead 2512 contract opened at 17,640 yuan/mt. Boosted by positive lead ingot destocking, SHFE lead started strong at the opening, but the upward momentum was limited. It then entered a consolidation phase, trading mostly between 16,600 yuan/mt and 16,650 yuan/mt for the majority of the session, and finally closed at 17,575 yuan/mt, up 0.26%. Open interest increased by 2,969 lots to 86,815 lots compared with the previous trading day.