Overseas Lead Inventory Surges Unexpectedly, LME Lead Trading Center Shifts Downward [SMM Lead Morning Brief]

SMM, January 16:

Overnight, LME lead opened at $1,966/mt. During the Asian session, LME lead fluctuated downward, with its center gradually moving lower. Entering the European session, LME lead inventory unexpectedly surged by nearly 20,000 mt, causing LME lead to plummet sharply to a low of $1,928/mt. During the night, LME lead attempted to recover to $1,950/mt but failed, ultimately closing at $1,934/mt, down 1.78%.

Overnight, the most-traded SHFE lead 2502 contract opened at 16,500 yuan/mt. As the Chinese New Year holiday approaches, market trading has gradually weakened, and SHFE lead also maintained a consolidating trend. In early trading, dragged down by the decline in LME lead, SHFE lead briefly dipped below 16,500 yuan/mt before gradually recovering its losses and moving above 16,600 yuan/mt. However, due to insufficient bullish momentum, it ultimately closed at 16,550 yuan/mt, down 0.21%. Its open interest reached 29,448 lots, a decrease of 975 lots compared to the previous trading day.