SMM Lead Market Morning Comment (Apr 30)

Overnight, LME lead opened at $2,205/mt. Affected by bauxite supply shortage and high ingots inventory, during the Asian trading session, LME lead prices fell to $2200/mt. After that, the US dollar fell from highs, and LME lead fluctuated upward, eventually closing at $2227.5/mt, up 1.07%.
Overnight, the most-traded SHFE 2406 lead contract opened at 17,290 yuan/ton. At the beginning of the session, amid bullish and bearish factors, SHFE Lead moved rangbound between 17,245 yuan/mt and 17,290 yuan/mt. Later, driven by the rise of LME Lead and the tight supply of domestic ore, SHFE Lead rose sharply to 17,475 yuan/mt. However, domestic lead consumption remained weak, and SHFE lead prices retreated in the second half, eventually closing at 17,375 yuan/mt, up 0.7%; open interest reached 51,219 lots, down 2,095 lots from the previous trading day.