SHFE and LME Trends Diverge, SHFE Lead Bottoms Out in the Night Session, Showing Resilience [SMM Lead Morning Brief]

SMM, August 31:

Last Friday, August 28, the LME lead 3M contract drifted lower, opening at $1,915.5/mt. It moved sideways in Asian trading hours, then drifted lower during European and European-US overlapping trading hours, rebounded slightly at the tail end, and eventually closed at $1,905.0/mt, down $7.5/mt from the previous trading day, a decline of 0.39%; the full-day trading range was $1,901.5-1,919.5/mt, with a range of $18/mt; trading volume was 5,072 lots, and open interest was 175,696 lots.

Last Friday, the SHFE lead 2610 contract drifted higher in the night session, opening at 16,240 yuan/mt. After opening, it briefly dipped to 16,160 yuan/mt, then rebounded amid fluctuations to close at 16,230 yuan/mt, down 15 yuan/mt from the previous closing price, a decline of 0.09%; night session trading volume was 24,235 lots, open interest was 72,101 lots, up 641 lots.