The U.S. dollar climbed to a one-week high and LME lead reversed the upward trend [SMM Lead Morning Comment]

SHANGHAI, Feb 29 (SMM) -

Overnight, LME lead opened at US$2,083.5/ton. Due to the destocking and the strong pressure of the US dollar, LME lead maintained weak consolidation throughout the day, fluctuating between US$2,075-2,085/ton. Entering the European session, the U.S. dollar index climbed to a nearly one-week high, and base metals generally came under pressure, with LME lead as low as $2,065/ton. As the LME lead inventory depletion trend continued, LME lead finally stopped falling and rebounded, finally closing at $2,086.5/ton, an increase of 0.17%.

The most active SHFE 2404 lead contract prices opened at 15905 yuan/mt last evening and finally closed at 15950 yuan/mt, up 0.13%. Open interest decreased 709 lots to 44769 lots.