Regional Tight Supply Persists, LME Lead Hits New 4-Month High Again [SMM Lead Morning Brief]

Published: Jun 3, 2026 09:01

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[SMM Lead Morning Brief: Regional Tight Supply Persists, LME Lead Hits New 4-Month High Again] SMM June 3: Overnight, LME lead opened at $2,009.5/mt. With mixed news on US-Iran negotiations, LME lead movement tracked more closely to fundamentals, especially as the tight spot lead supply situation in Southeast Asia remained unchanged...

SMM June 3:

Overnight, LME lead opened at $2,009.5/mt. With mixed news on US-Iran negotiations, LME lead movements tracked more closely with fundamentals, particularly the persistent tightness in Southeast Asian spot lead, which supported LME lead's rise. LME lead climbed steadily from around $2,010/mt, and the rally extended after entering the European session, reaching an intraday high of $2,046/mt, again hitting a nearly 4-month high, before finally closing at $2,037/mt, up 1.24%.

Overnight, the most-traded SHFE lead 2607 contract opened at 16,630 yuan/mt. Driven by LME lead's rally, SHFE lead fluctuated upward after the opening and moved back above all moving averages, reaching an intraday high of 16,715 yuan/mt. SHFE lead ultimately closed at 16,690 yuan/mt, up 0.69%. Its open interest stood at 62,400 lots, down 1,594 lots from the previous trading day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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