LME Lead Center Shifted Lower, Breaking Below the 60-Day Average Line [SMM Lead Morning Brief]

SMM, April 24:

Overnight, LME lead opened at $1,964.5/mt. During the Asian session, LME lead continued the previous day's doldrums, with the overall price center shifting lower and breaking below the 60-day moving average to a low of $1,945/mt. Entering the European session, lead inventories outside China continued to decline, and LME lead gradually recovered part of its losses. However, with limited bullish factors, LME lead ultimately closed at $1,947.5/mt, down 0.81%.

Overnight, the most-traded SHFE lead 2606 contract opened at 16,675 yuan/mt. Lead ingot inventories in China saw a buildup, while expectations for production cuts emerged on the supply side, intensifying the tug-of-war between bulls and bears on SHFE lead. SHFE lead moved sideways between 16,630-16,660 yuan/mt for most of the session, ultimately closing at 16,665 yuan/mt, down 0.09%. Its open interest stood at 70,493 lots, a decrease of 566 lots from the previous trading day.