SMM May 7 News:
Overnight, LME lead opened at $1,939/mt. The futures market fluctuated downward in the morning session, moving from around $1,950/mt to $1,935/mt. Later, due to the weakening of the US dollar index, base metals generally rebounded. Meanwhile, LME lead inventory continued to decline, and LME lead stopped falling and rebounded. Towards the end of the session, LME lead suddenly dropped, hitting a low of $1,917/mt in the session, the lowest level in nearly two weeks. LME lead eventually closed at $1,918/mt, down 0.7%.
Overnight, the most-traded SHFE lead 2506 contract opened at 16,740 yuan/mt. After opening, SHFE lead fluctuated between 16,750-16,800 yuan/mt for a relatively long time. Towards the end of the session, domestic and overseas lead prices fell in tandem, with SHFE lead dropping to around 16,750 yuan/mt and eventually closing at 16,675 yuan/mt, down 0.09%. Its open interest stood at 37,264 lots, a decrease of 1,190 lots from the previous trading day.
