Expectations of Recovery in Shipping and Energy Supply, LME Lead Falls to Over Two-Month Low [SMM Lead Morning Brief]

Published: Jun 24, 2026 09:00

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[SMM Lead Morning Brief: Shipping and Energy Supply Recovery Expectations, LME Lead Drops to Over Two-Month Low] SMM June 24: Overnight, LME lead opened at $1,963/mt. Amid Middle East shipping resumption expectations, crude oil prices weakened, while the US dollar index strengthened on rate hike expectations, sending base metals broadly into negative territory...

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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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