SMM Jan 23:
This week, LME lead opened at $2,048.5/mt. It showed a pattern of retreating after a rapid rise. At the beginning of the week, impacted by the Greenland event, the US dollar index moved lower, and LME lead fluctuated at highs, even testing $2,065/mt. Subsequently, pressured by concentrated bear fund entries, LME lead turned from gains to losses, with its center gradually moving lower. After a brief consolidation late in the session, bears again dominated the market, pushing LME lead to extend its decline, with the lowest point touching $2,012/mt. As of 15:00 Beijing time on Jan 23, 2026, it finally closed at $2,027/mt, down $11/mt or 0.54%.
This week, the most-traded SHFE lead 2603 contract opened at 17,400 yuan/mt. After briefly rising to 17,415 yuan/mt early in the session, influenced by the withdrawal of bull funds, the operating center of SHFE lead moved lower. Subsequently, the trend during the week stabilized, basically fluctuating rangebound within the range of 17,030-17,170 yuan/mt. It finally closed at 17,030 yuan/mt, down 380 yuan/mt or 2.17%.
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