SMM Oct. 30:
Overnight, LME lead opened at $2,023/mt. After opening, it continued to hold up well as seen recently, with its overall trading center moving higher, hitting a session high of $2,034.5/mt. During the tail trading session, the US dollar index surged after the US Fed cut interest rates as expected, and LME lead fell under pressure, giving back most of its gains. It finally closed at $2,019/mt, down 0.3%, ending an eight-day winning streak.
Overnight, the most-traded SHFE lead 2512 contract opened at 17,360 yuan/mt. With domestic fundamental bullish and bearish factors intertwined, SHFE lead moved in a narrow range after opening, hovering between 17,350 yuan/mt and 17,400 yuan/mt for most of the time, and finally formed a doji. Its open interest stood at 72,215 lots, down 1,303 lots from the previous trading day.
