Lead Prices Lack Upward Momentum, Overnight Lead Futures Moved Sideways [SMM Lead Morning Brief]

SMM, Aug 19:

Overnight, the LME lead 3M contract drifted higher throughout Aug 18. It opened at $1,885.5/mt, moved sideways in a narrow range of $1,883-1,890/mt during the Asian session, surged rapidly at the end of the European session to a high of $1,896.5/mt, and pulled back to settle at $1,888.0/mt, up $3.0/mt, or 0.16%, from the previous trading day. The full-day trading range was $1,883.0-1,896.5/mt, with a spread of $13.5/mt. The daily candlestick was a small bullish candlestick with a long upper shadow; trading volume was 4,729 lots, and open interest stood at 178,938 lots, a significant intraday reduction of 5,863 lots.

Overnight, the most-active SHFE lead 2610 contract opened at 15,965 yuan/mt in the night session. It quickly surged to a high of 16,025 yuan/mt, then pulled back in consolidation to a low of 15,905 yuan/mt, rebounded, and consolidated around 15,955 yuan/mt, up 50 yuan/mt, or 0.31%, from the previous trading day's closing price. Night session volume was 33,162 lots, and open interest was 79,286 lots, a decrease of 892 lots from the previous trading day.