SMM June 18 News:
Overnight, LME lead opened at $2,006.5/mt. During the Asian session, LME lead consolidated at high levels, mostly fluctuating directly between $1,995/mt and $2,000/mt. Entering the European session, geopolitical tensions in the Middle East escalated further, while LME lead inventory surged by over 20,000 mt, reversing all the inventory declines since June. LME lead prices fell consecutively, hitting a low of $1,975/mt during the session, erasing all gains for the week, and eventually closing at $1,976/mt, down 1.52%.
Overnight, the most-traded SHFE lead 2507 contract opened at 16,850 yuan/mt. Dragged down by the decline in LME lead, SHFE lead also fluctuated downward after the opening and gradually traded near 16,850 yuan/mt. Meanwhile, as the reduction and suspension of production on the domestic supply side had not yet resumed, lead prices showed certain resilience. SHFE lead eventually closed at 16,870 yuan/mt, down 0.32%, with open interest at 41,012 lots, a decrease of 445 lots from the previous trading day.
