US dollar index pressure sends LME lead to near two-week low [SMM lead morning update]

Published: Sep 29, 2026 09:01 (GMT+8)

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[SMM Lead Morning Update: LME Lead Falls to Near Two-Week Low Under Strong US Dollar Index Pressure] SMM, September 29: Overnight, LME lead opened at $1,927/mt, and under the pressure of a strengthening US dollar index, LME lead drifted lower throughout the day...

SMM, September 29:

Overnight, LME lead opened at $1,927/mt, but under pressure from a strengthening US dollar index, LME lead drifted lower throughout the day. Especially entering the European session, LME lead declined in steps, hitting a low of $1,900/mt, the lowest level in nearly two weeks, before finally settling at $1,904.5/mt, down 1.32%.

Overnight, the most-traded SHFE lead 2611 contract opened at 16,200 yuan/mt. With the National Day holiday approaching, traders gradually exited the market, and open interest in SHFE lead further declined. At the start of trading, SHFE lead found support at the 20-day moving average, and combined with destocking of lead ingot inventory, SHFE lead climbed back above 16,200 yuan/mt, finally settling at 16,225 yuan/mt, up 0.19%; open interest was 67,945 lots, down 771 lots from the previous trading day.

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