Domestic and Overseas Inventory Accumulation Continues, Lead Prices Consolidate [SMM Lead Morning Comment]

Overnight, LME lead opened at $2,174/mt. Since June, LME lead inventory stopped falling and started to rise, initiating a day-by-day accumulation mode. Under inventory pressure, LME lead fluctuated weakly throughout the day, finally closing at $2,162.5/mt, with a drop of 0.57%. Overnight, SHFE lead warrants increased again. The most-traded SHFE lead contract (2408) opened at RMB 18,645/mt, then gradually fluctuated downwards, reaching a low of RMB 18,495/mt, and finally closed at RMB 18,525/mt, with a drop of 0.48%. Open interest stood at 87,844 lots, an increase of 1,865 lots from the previous trading day.