Boosted by positive macro news, lead prices strengthened both domestically and overseas [SMM Lead Morning Brief].

SMM October 31:

Overnight, LME lead opened at $2,023/mt. During the Asian session, trading was relatively sluggish, with prices fluctuating mainly between $2,020-2,025/mt. After entering the European session, the positive news from the meeting between the Chinese and US heads of state drove LME lead to rise sharply, approaching the previous day's high. However, due to limited fundamental support, it gave back some gains during the final trading hours and eventually closed at $2,022/mt, up 0.15%.

Overnight, the most-traded SHFE lead 2512 contract opened at 17,355 yuan/mt. At the beginning of the session, boosted by the positive news from the meeting between the Chinese and US heads of state, SHFE lead rose rapidly, reaching a high of 17,475 yuan/mt. However, as domestic fundamentals remained weak, it gave back most of the gains during the latter part of the session, trading below 17,400 yuan/mt and eventually closing at 17,375 yuan/mt, up 0.09%. Open interest reached 69,368 lots, an increase of 81 lots from the previous trading day.