Overnight, LME lead opened lower with a gap, and trading in the lead market was sluggish [SMM Lead Morning News]

SMM February 9:

Overnight, LME lead opened lower with a gap at $1,952/mt, fluctuated considerably during the Asian session, then dipped to $1,945/mt during the European session before rebounding. It touched a high of $1,966.5/mt before closing at $1,965.5/mt.

Overnight, the most-traded SHFE lead 2603 contract opened at 16,525 yuan/mt, fluctuated downward initially to a low of 16,485 yuan/mt, then rose due to increased positions by bulls, and finally closed at 16,560 yuan/mt, up 0.3%, forming a doji bullish candlestick.

This week was the last week before the Chinese New Year. Domestic lead supply and demand both declined, coupled with logistics suspensions and factory holidays, leading to sluggish trading in the lead market. While smelters cleared inventory, lead ingot stocks were transferred to downstream enterprises and social warehouses. It is expected that social warehouse inventory still faces a risk of increase, which may keep lead prices in the doldrums.

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