Market's Expectation for Economy Recession Weighed on LME Lead Prices

SHANGHAI, Apr 7 (SMM) - Overnight, LME lead opened at $2,104.5/mt and fell to $2,089.5/mt as market’s expectations of economy recession. But driven by the increasing SHFE lead prices, LME lead prices stopped falling and rebounded, and finally closed at $2,119/mt, an increase of 0.52%. The London Stock Exchange is closed today.

Overnight, the most-traded SHFE 2305 lead contract opened at 15,220 yuan/mt and increased to 15,325 yuan/mt amid falling warrant inventory, but then gradually fell as the long-short game intensified, and finally closed at 15,285 yuan/mt, an increase of 0.39%. The open interest decreased 583 lots to 52,514 lots.