SMM October 29:
Overnight, LME lead opened at $2,023.5/mt. Initially, it held up well, but during the Asian session, influenced by the weakness in SHFE lead, its trading center shifted downward, hitting a low of $2,010.5/mt. Entering the European session, LME lead inventory continued to decline, causing LME lead to stop falling and rebound, once again refreshing the nearly two-week high to $2,027/mt. It finally closed at $2,025/mt, up 0.07%, recording a long lower shadow and marking the eighth consecutive positive session.
Overnight, the most-traded SHFE lead 2512 contract opened lower at 17,315 yuan/mt. Affected by concentrated production cuts from downstream enterprises, it initially fell to 17,305 yuan/mt. However, with lead ingot inventory still at low levels, the tug-of-war between longs and shorts intensified. Subsequently, SHFE lead consolidated for an extended period between 17,365 yuan/mt and 17,405 yuan/mt, ultimately closing at 17,370 yuan/mt, down 0.32%. Its open interest decreased by 839 lots to 76,796 lots compared to the previous trading day.
