SMM September 29: Last Friday, LME lead opened at $2,008/mt. With no prominent trading conflicts in overseas markets, LME lead experienced high-level consolidation throughout the day, mostly trading within the range of $2,000-$2,010/mt. Although it attempted to break above $2,010/mt during the session due to a weaker US dollar, it ultimately failed and closed at $2,001.5/mt, down 0.37%.
Last Friday, the most-traded SHFE lead 2511 contract opened at 17,065 yuan/mt. Early in the session, due to lead ingot destocking, SHFE lead once attempted to break above 17,100 yuan/mt. However, as traders gradually withdrew ahead of the National Day holiday, market trading activity declined, and SHFE lead fluctuated and pulled back, eventually closing at 17,075 yuan/mt, down 0.09%. Open interest decreased by 1,399 lots to 59,263 lots compared to the previous trading day.
