Market lacks clear guidance, lead prices consolidate on a weak note [SMM Lead Morning Brief]

Published: Jul 29, 2026 09:01

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[SMM Lead Morning Brief: Market Lacks Clear Direction, Lead Prices Consolidate on a Weak Note] SMM July 29 News: Overnight, LME lead opened at $1,893/mt. Macro news outside China was mixed, and LME lead moved sideways in a narrow range throughout the day......

SMM July 29 News:

Overnight, LME lead opened at $1,893/mt. Overseas macro news was mixed, and LME lead moved sideways throughout the day. In the morning, LME lead gradually pulled back from around $1,895/mt to around $1,885/mt, before recovering the intraday losses in the evening and finally closing at $1,885.5/mt, down 0.34%.

Overnight, the most-traded SHFE lead 2609 contract opened at 15,680 yuan/mt. SHFE lead warrant inventory fell slightly. At the beginning of the session, SHFE lead drifted higher and held above the 15,700 yuan/mt mark. In the latter part of the session, SHFE lead consolidated around 15,725 yuan/mt, finally closing at 15,715 yuan/mt, up 0.26%. Open interest was 95,596 lots, down 2,193 lots from the previous trading day. Recently, open interest in the most-traded contract has continued to pull back.

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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