Overseas inventories have dropped by nearly 50,000 tons, and LME lead has hit a six-month high [SMM lead morning comments]

SHANGHAI, May 20 (SMM) - The most active SHFE lead contract opened at $2289/mt last Friday and fluctuated upward to hit the highest price at $2307/mt, the highest in six months, before closing at $2302.5/mt, up 0.46%. Entering May, LME lead stocks have been declining, with a cumulative drop of nearly 50,000 tons, and a further drop of 4,600 tons on Friday last week.

Last Friday, the SHFE 2407 lead contract opened at 18,730 yuan/ton. It closed at 18770 yuan/mt, an increase of 0.13%. Open interest stood at 85561 lots, a decrease of 449 lots from the previous trading day.