Overnight SHFE and LME strengthened in tandem, SHFE lead 2611 contract closed up 0.74% [SMM Lead Morning Update]

SMM, October 14:

Overnight, the LME lead 3M contract opened at $1,884.5/mt, accelerated its rise during European and US trading hours, hit a high of $1,904.5/mt, and finally closed at $1,903.0/mt, up $20.5/mt, or 1.09%, from the previous trading day's closing price. Trading volume was 8,184 lots and open interest was 187,833 lots, with the daily candlestick recording a large bullish candle.

Overnight, the SHFE lead 2611 contract opened at 16,350 yuan/mt, briefly dipped after the open before quickly climbing, hit a high of 16,410 yuan/mt, consolidated at highs near the close, and finally closed at 16,400 yuan/mt, up 120 yuan/mt, or 0.74%, from the previous trading day's close. Trading volume was 32,354 lots, open interest was 51,160 lots, with a decrease of 4,647 lots, and the daily candlestick recorded a large bullish candle. It should be noted that the current SHFE lead 2610 contract has entered the delivery period, and the most-traded contract is rolling over from 2611 to 2612, with funds gradually shifting to deferred months.