U.S. Dollar Index Fluctuates at Highs, LME Lead Nearly Falls Below $2,000 Mark [SMM Lead Morning Brief]

SMM, November 21:

Overnight, LME lead opened at $2,020/mt. Under pressure from high lead ingot inventory and a strong US dollar index, it remained in the doldrums throughout the day, consolidating mostly between $2,010/mt and $2,020/mt. However, toward the close, the decline accelerated, nearly breaching the $2,000 mark, with the intraday low hitting $2,005/mt. It ultimately settled at $2,005/mt, down 0.47%, marking the sixth consecutive decline. Market participants will monitor whether support holds at the key $2,000 level.

Overnight, the most-traded SHFE lead 2601 contract opened at 17,250 yuan/mt. After opening, SHFE lead fluctuated downward, moving from 17,250 yuan/mt to 17,200 yuan/mt, and finally settled at 17,210 yuan/mt, down 0.2%. Open interest stood at 60,110 lots, a decrease of 175 lots from the previous trading day.