SMM May 16 News:
Overnight, LME lead opened at $1,994/mt. During the Asian session, it dipped to a low of $1,977/mt before fluctuating upward to a high of $2,005/mt. It eventually closed at $2,004.5/mt, up $12/mt or 0.60%.
Overnight, the most-traded SHFE lead contract opened at 16,990 yuan/mt. It dipped to a low of 16,920 yuan/mt in the early session before fluctuating upward to a high of 16,995 yuan/mt. It eventually closed at 16,990 yuan/mt, down 10 yuan/mt or 0.06%.
Macro side, the US dollar slipped after a series of economic data was released in the US on Thursday. Recent remarks by the US Fed indicated that more data was needed to determine the impact of tariff announcements on prices and the economy before adjusting policies.
