LME Lead Trading Center Shifts Down, Hits Two-Week Low Again [SMM Lead Morning Update]

SMM, September 30:

Overnight, LME lead opened at $1,902.5/mt. As the US dollar continued to strengthen, LME lead came under pressure and maintained a subdued consolidation pattern throughout the day. In the morning, LME lead traded around $1,910/mt, then its trading center gradually moved lower, falling to the lower edge of the previous platform. The intraday low hit $1,893/mt, refreshing a two-week low. By the evening, LME lead slightly pared its losses and finally settled at $1,899.5/mt, down 0.26%.

Overnight, the most-traded SHFE lead 2611 contract opened at 16,205 yuan/mt. Ahead of the National Day holiday, open interest in SHFE lead continued to decline. SHFE lead consolidated in a narrow range between 16,170 and 16,240 yuan/mt, and finally settled at 16,235 yuan/mt, down 0.25%. Open interest stood at 65,834 lots, a decrease of 1,206 lots from the previous trading day.