Overseas lead ingot continued destocking, LME lead showed a fluctuating upward trend [SMM Lead Morning Comment]

Overnight, LME lead opened at $2,011/mt. Against the backdrop of continued decline in LME lead inventory, LME lead steadily rose day by day, reaching a daily high of $2,057/mt. During the night, better-than-expected U.S. data alleviated market recession fears, while the dollar rose sharply. LME lead showed a trend of rising and then falling, finally closing at $2,036/mt, up 0.92%.

Overnight, the most-traded SHFE lead 2409 contract opened at 17,585 yuan/mt, quickly surged above 17,700 yuan/mt after the opening, and attempted to break through 17,800 yuan/mt but failed. In the latter part of the trading session, the SHFE lead saw intensified long-short battles, with SHFE lead hovering around 17,750 yuan/mt for a long time, finally closing at 17,755 yuan/mt, up 1.49%. Its open interest was 63,217 lots, a decrease of 1,969 lots from the previous trading day.