SMM, April 21:
Overnight, LME lead opened at $1,968/mt. Supported by lead ingot destocking outside China and rising spot premiums in Southeast Asia, LME lead continued to fluctuate upward throughout the day, reaching an intraday high of $1,985.5/mt, a level not seen in over one and a half months. However, during the night session, renewed tensions in the Middle East triggered a broad sell-off in non-ferrous metals. LME lead also pulled back after hitting highs, giving up all daytime gains, and ultimately closed at $1,957.5/mt, down 0.84%.
Overnight, the most-traded SHFE lead 2606 contract opened at 16,855 yuan/mt. With China's lead ingot inventory in a buildup phase and SHFE warrant inventory reversing its earlier decline, compounded by the drag from LME lead's losses, SHFE lead fell in a step-like pattern, gradually dropping through 16,850, 16,800, and 16,750 yuan/mt. SHFE lead ultimately closed at 16,750 yuan/mt, down 0.53%. Its open interest stood at 62,279 lots, an increase of 2,009 lots from the previous trading day.
![SHFE Lead Was in the Doldrums During the Day, Closing Slightly Lower by 0.92% with a Small Bearish Candlestick [Brief Comment on SHFE Lead]](https://imgqn.smm.cn/usercenter/rDPju20251217171722.jpg)
