Outside China Lead Ingot Destocking Exceeded 1,000 mt, LME Lead Rebounded After Testing Lower Levels [SMM Lead Morning Brief]

SMM News, April 1:

Overnight, LME lead opened at $1,908.5/mt. During the Asian session, LME lead fluctuated at highs, trading mostly in the $1,905-1,915/mt range. During the session, LME lead once attempted to break above the 20-day moving average but failed, with a high of $1,917/mt. Entering the European session, however, LME lead reversed course and fell, dropping below the $1,900/mt level. საბოლოապես, as the US dollar index weakened, LME lead recovered part of its losses and closed at $1,907.5/mt, down 0.24, while posting a long lower shadow.

Overnight, the most-traded SHFE lead 2605 contract opened at 16,485 yuan/mt. Warrant inventory of lead ingot reversed higher, weighing on bulls' momentum, while expectations for production cuts in secondary lead remained, leaving SHFE lead locked in a stalemate between 16,450-16,515 yuan/mt. In the end, SHFE lead closed at 16,495 yuan/mt, down 0.03; its open interest reached 61,594 lots, an increase of 931 lots from the previous trading day.