Nonferrous Metals Rally Pauses, Lead Prices Erase Most Gains [SMM Lead Morning News]

SMM Jan. 8:

Overnight, LME lead opened at $2,073.5/mt. During the Asian trading hours, influenced by capital flows, LME lead fluctuated upward, reaching an intraday high of $2,086/mt, again refreshing a nearly two-month high. Subsequently, as metals such as silver and copper slowed their gains and began to retreat, LME lead also gave back most of its gains, eventually closing at $2,058.5/mt, down 0.6%.

Overnight, the most-traded SHFE lead 2602 contract opened at 17,725 yuan/mt. Affected by the pullback in nonferrous metals, SHFE lead gradually erased its daytime gains after opening, falling to a low of 17,510 yuan/mt. In the latter part of the trading session, continued tug-of-war between longs and shorts kept SHFE lead fluctuating between 17,575 yuan/mt and 17,650 yuan/mt, ultimately closing at 17,650 yuan/mt, down 0.23%. Its open interest decreased by 1,303 lots from the previous trading day to 50,706 lots.