SMM November 18:
Overnight, LME lead opened at $2,060.5/mt. As the US dollar index strengthened, LME lead continued its previous day's downward fluctuation, consolidating near $2,055/mt. After entering the European session, LME lead inventory surged by over 40,000 mt, causing the price center to shift further downward. The price hit a low of $2,035/mt during the session, nearly erasing all gains since November, and finally closed at $2,038.5/mt, down 1.33%.
Overnight, the most-traded SHFE lead 2601 contract opened at 17,365 yuan/mt. Dragged down by the decline in LME lead and compounded by an accumulation in domestic visible inventory, SHFE lead also fell sharply, hitting a low of 17,265 yuan/mt during the session, erasing all gains since late October. It then found support at the 40-day moving average and finally closed at 17,275 yuan/mt, down 0.86%. Open interest reached 74,069 lots, an increase of 516 lots from the previous trading day.
