SMM February 6:
This week, LME lead opened at $1,995/mt. At the beginning of the week, it once climbed to $2,003.5/mt. However, influenced by the US government shutdown, market sentiment weakened, and LME lead came under pressure and moved downward. Although there was a slight technical rebound during the session, as bulls gradually withdrew funds, prices overall remained in the doldrums, mainly fluctuating between $1,950/mt and $1,990/mt. In the final session, LME lead further explored lower to $1,947/mt. As of 15:00 Beijing time on January 30, 2026, it finally closed at $1,948.5/mt, down $46.5/mt, a decrease of 2.33%.
This week, the most-traded SHFE lead 2603 contract opened at 16,915 yuan/mt. After briefly touching the week's high of 16,990 yuan/mt early in the week, pressured by bears entering the market, the trend shifted to a downward fluctuation. Throughout the week, it mainly fluctuated between 16,550 yuan/mt and 16,760 yuan/mt, once dipping to the week's low of 16,400 yuan/mt. It finally closed at 16,510 yuan/mt, down 355 yuan/mt, a decrease of 2.10%.
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