Diverging Trends in Domestic and International Lead Inventory as Lead Prices Retrace Gains [SMM Lead Morning Brief]

SMM January 14 News:

Overnight, LME lead opened at $1,975.5/mt. The US dollar index hit a new high again, suppressing base metals, and LME lead showed a fluctuating downward trend throughout the day. During the session, it hit a low of $1,941/mt, giving back most of the previous day's gains. Ultimately, LME lead closed at $1,948/mt, down 1.67%.

Overnight, the most-traded SHFE lead 2502 contract opened at 16,580 yuan/mt. As the delivery date approached, lead ingot inventory increased as expected. SHFE lead quickly declined after the opening and then fluctuated for a long time between 16,450-16,500 yuan/mt, eventually closing at 16,490 yuan/mt, down 0.72%. Its open interest reached 37,594 lots, an increase of 614 lots compared to the previous trading day.