Overnight, LME lead shorts reduced their positions, resulting in LME lead continuing the upward trend, while SHFE lead moved downwards after a higher opening, closing slightly lower [SMM Lead Morning Comment]

Overnight, LME lead opened at $2,029/mt. After consolidating sideways during the Asian session, it edged up slightly. In the European session, shorts reduced their positions and exited, pushing LME lead up to a high of $2,080/mt before it retraced to consolidate near the intraday moving average, finally closing at $2,061/mt, up $23/mt, or 1.15%.

Overnight, the most-traded SHFE lead 2409 contract opened at 17,820 yuan/mt. After briefly touching a high of 17,915 yuan/mt at the beginning of the session, it moved downwards to a low of 17,390 yuan/mt, finally closing at 17,495 yuan/mt, down 55 yuan/mt, or 0.31%.