Lead Price Lacks Momentum for Further Increases, May Maintain High-Level Consolidation [SMM Lead Morning News]

SMM December 8 News:

Last Friday, LME lead opened at $2,015/mt, hovering at highs during the Asian session and mostly fluctuating between $2,015/mt and $2,020/mt. In the late-night session, the US dollar index rose, causing LME lead to give back most of its gains and nearly fall below the $2,000 psychological level, eventually closing at $2,009/mt, down 0.35%.

Last Friday, the most-traded SHFE lead 2601 contract opened at 17,340 yuan/mt. Boosted by lead ingot destocking, it attempted to break through 17,400 yuan/mt at the start of trading but failed. For most of the session, it fluctuated near 17,350 yuan/mt before giving back some gains in the final session, closing at 17,305 yuan/mt, up 0.03%. Open interest decreased by 421 lots to 44,523 lots compared to the previous trading day.