SMM July 30:
Overnight, LME lead opened at $1,889/mt. During Asian trading hours, the market was sluggish, and LME lead mostly consolidated between $1,886 and $1,892/mt. Entering the European session, bulls added positions, and LME lead consolidated and moved higher, breaking above the $1,900/mt level. It hit a session high of $1,913.5/mt, a near one-month high. At night, some bulls took profits, and LME lead gradually gave back the day's gains, eventually closing at $1,897/mt, up 0.61%.
Overnight, the most-traded SHFE lead 2609 contract opened high at 15,850 yuan/mt, briefly surged to 15,870 yuan/mt, but failed to hold above the 20-day moving average. In the latter part of the session, SHFE lead gradually pulled back to around 15,715 yuan/mt and consolidated, eventually closing at 15,730 yuan/mt, up 0.06%; open interest was 85,881 lots, up 1,517 lots from the previous trading day.
