With overseas destocking, LME lead recorded a 1.25% increase last Friday [SMM Lead Morning Comment]

Last Friday, LME lead opened at $2,040.5/mt. During the Asian session, LME lead market was sluggish, with prices fluctuating mostly between $2,040-2,050/mt. Entering the European session, LME lead inventory continued to decline, coupled with the strong performance of SHFE lead, LME lead gradually rose to $2,055-2,065/mt, and finally closed at $2067.5/mt, an increase of 1.25%. Last Friday, the most-traded SHFE lead 2410 contract opened at 17,345 yuan/mt. In the early session, supported by the favorable trade-in policy in electric bicycles, SHFE lead once surged to 17,600 yuan/mt. However, due to weak current lead consumption, lead prices fell back after the surge, and finally closed at 17,380 yuan/mt, an increase of 0.49%. Its open interest reached 53,370 lots, an increase of 739 lots compared to the previous trading day.