Nonferrous Metals Generally Fell Overnight, LME Lead Inventory Surged Significantly, Domestic and Overseas Lead Futures Both Weakened [SMM Lead Morning News]

SMM January 21:

Overnight, LME lead opened at $2,060/mt. During the European session, it initially fell then rose. Entering the Asian session, a significant increase in LME lead inventory dragged the price down, and LME lead fluctuated downward to a low of $2,024/mt. Before closing, it saw a slight rise to recoup some losses, finally settling at $2,028/mt, down $36.5/mt, a decrease of 1.77%.

Overnight, the most-traded SHFE lead contract opened with a gap down at 17,120 yuan/mt. At the beginning of the session, it lightly touched a high of 17,160 yuan/mt, then continued a fluctuating trend in the doldrums. After probing a low of 17,130 yuan/mt, it moved sideways in a narrow range, finally settling at 17,055 yuan/mt, down 175 yuan/mt, a decrease of 1.02%.