LME Lead Inventory Declined, LME Lead Hit a New High for Nearly One and a Half Months Again [SMM Lead Morning Brief]

SMM April 21:

Overnight, LME lead opened at $1,958/mt. The US dollar index pulled back after surging higher, and combined with continued destocking of lead ingots outside China, LME lead fluctuated upward throughout the day, gradually moving from $1,950/mt toward $1,970/mt. It reached an intraday high of $1,975/mt, once again hitting a new high for the past month and a half, before finally closing at $1,974/mt, up 0.59%.

Overnight, the most-traded SHFE lead 2605 contract opened at 16,710 yuan/mt. Buoyed by LME lead's rally, SHFE lead also recovered from the previous afternoon's losses after the open and moved above 16,800 yuan/mt, ultimately closing at 16,810 yuan/mt, up 0.27%. Its open interest stood at 39,237 lots, down 1,830 lots from the previous trading day. Recently, the SHFE lead 2605 contract has been gradually rolling over to the 2506 contract; attention should be paid to the change in the most-traded contract.