SMM Lead Market Morning Comment (Jul 26)

Overnight, LME lead opened at $2,037/mt and continued its stepwise downward trend, hitting a low of $2,026/mt, a new low since April 3, 2024. During the session, LME lead twice attempted to regain $2,050/mt but failed, eventually closing at $2,035.5/mt, down 0.15%, marking its ninth consecutive decline.

Overnight, the most-traded SHFE 2409 lead contract opened at 18,720 yuan/mt. The large supply divergence between domestic delivery and non-delivery products intensified market speculation, leading to significant volatility. SHFE lead initially dipped to 18,630 yuan/mt, and then gradually fluctuated upwards, briefly touching 18,910 yuan/mt but failing to hold. It finally closed at 18,810 yuan/mt, down 0.27%. The open interest increased by 3,223 lots to 119,000 lots compared to the previous trading day.