SMM, September 15:
Overnight, the LME lead 3M contract opened at $1,896.0/mt on September 14, dipped to a low of $1,866.0/mt during the European session, rebounded to around $1,883/mt in late trading before the close, and finally settled at $1,880.0/mt, down $12.5/mt or 0.66% from the previous trading day's closing price. The full-day trading range was $1,866.0-1,897.0/mt, with volume of 9,724 lots and open interest of 175,480 lots. The daily candlestick formed a large bearish candlestick with a lower shadow.
Overnight, the SHFE lead 2610 contract opened at 15,825 yuan/mt in the night session, dipped to 15,795 yuan/mt shortly after the open, then consolidated and rebounded to around 15,850 yuan/mt, holding firm at highs, and finally settled at 15,840 yuan/mt, up 15 yuan/mt or 0.09% from the previous trading day's closing price. Night session volume was 23,816 lots, with open interest of 65,199 lots, an increase of 1,212 lots. The daily candlestick formed a small bullish candlestick with a lower shadow.
Notably, the SHFE lead 2609 contract entered its last trading day today, with delivery on September 16-17. Funds accelerated rolling positions to deferred months, and open interest in the SHFE lead 2611 contract rose to 58,000 lots. Attention should be paid to the contract rollover of the most-traded contract.
![Refineries Hold Prices Firm and Hold Back from Selling & Social Inventory Continues to Decline, Supporting Lead Prices at Low Levels [SMM Lead Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/ojSqv20251217171720.jpeg)
