Bullish Momentum Insufficient, Both LME Lead and SHFE Lead Show Consolidation [SMM Lead Morning News]

SMM December 11 news:

Overnight, LME lead opened at $1,987.5/mt, with the overall US dollar center shifting downward. Base metals generally showed strong performance. LME lead started strong and attempted to reclaim $2,000/mt but failed, then fluctuated mostly between $1,980-1,990/mt before finally closing at $1,983.5/mt, down 0.05%.

Overnight, the most-traded SHFE lead contract 2601 opened at 17,115 yuan/mt. It tried to hold above 17,200 yuan/mt early in the session but failed. Fundamental support was limited, and the inventory decline slowed down. SHFE lead consolidated, eventually closing at 17,120 yuan/mt, down 0.17%. Open interest decreased to 34,283 lots, down 1,471 lots from the previous trading day. Meanwhile, the SHFE lead 2601 contract is undergoing contract rollover, with attention on the upcoming shift of the most-traded contract to the 2602 contract.