Overseas Lead Inventory Drawdown, LME Lead Rises to a One-and-a-Half-Month High [SMM Lead Morning Briefing]

SMM Jan. 6:

Overnight, LME lead opened at $2,008/mt. After opening, it held up well, coupled with a post-holiday decline in LME lead inventory, the overall price center moved upward and traded above all moving averages, reaching a high of $2,030.5/mt, the highest level in nearly one and a half months. It finally closed at $2,029.5/mt, up 1.78%.

Overnight, the most-traded SHFE lead 2602 contract opened at 17,385 yuan/mt. Limited post-holiday social inventory buildup for lead ingots, along with procurement by downstream enterprises resuming production, kept lead prices fluctuating at highs. For most of the night session, it traded between 17,400-17,450 yuan/mt. SHFE lead finally closed at 17,455 yuan/mt, up 0.32%, with open interest rising by 1,858 lots to 49,402 lots compared with the previous trading day.