SMM News on July 17:
Overnight, LME lead opened at $1,999/mt. During the Asian session, it was under pressure from the intraday average line and remained in the doldrums. Entering the European session, it continued to decline, reaching a low of $1,974.5/mt, before finally closing at $1,978/mt, down $23/mt or 1.15%. Bulls continued to reduce their positions and exit the market, with LME lead recording five consecutive days of decline.
Overnight, the most-traded SHFE lead contract opened at 16,900 yuan/mt. After a slight increase in the early session, reaching a high of 16,935 yuan/mt, it then retreated to the intraday average line, fluctuating rangebound. Before the close, it weakened slightly, finally closing at 16,885 yuan/mt, down 10 yuan/mt or 0.06%.
