SMM, June 24:
Overnight, LME lead opened at $1,963/mt. Crude oil prices weakened on expectations of the Middle East shipping ban being lifted, while the US dollar index strengthened on expectations of interest rate hikes. Base metals broadly turned negative, and LME lead fluctuated downward throughout the day, dipping to an intraday low of $1,932/mt, a more than two-month low. By the close, LME lead finally settled at $1,944.5/mt, down 1.04%.
Overnight, the most-traded SHFE lead 2608 contract opened at 16,415 yuan/mt. Dragged by LME lead’s decline, SHFE lead weakened at the start, but with domestic supply-side maintenance factors still in play, the tug-of-war between bulls and bears persisted. SHFE lead mostly traded in the range of 16,345-16,385 yuan/mt, finally settling at 16,380 yuan/mt, up 0.06%; its open interest reached 80,124 lots, an increase of 694 lots from the previous trading day.
![LME Lead Center Shifts Lower, SHFE Lead Weakens Under Pressure from Inventory Buildup [SMM Lead Morning Update]](https://imgqn.smm.cn/usercenter/TmYox20251217171721.jpeg)
![Lead Ingot Inventory Buildup Before Delivery, Coexisting Supply-Side Increases and Decreases Limit Lead Price Rise [SMM Lead Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/yqTpQ20251217171721.jpeg)
