SMM Oct. 10:
Overnight, LME lead opened at $2,002.5/mt and held up well throughout the session, particularly during the Asian trading hours when it rose from around $2,000/mt to above $2,020/mt, then hovered at highs, hitting an intraday high of $2,034/mt. Towards the end of the session, LME lead gave back some gains and finally closed at $2,020.5/mt, up 0.75%.
Overnight, the most-traded SHFE lead 2511 contract opened at 17,135 yuan/mt. Boosted by strong LME lead and domestic lead ingot destocking, SHFE lead started strong and touched 17,165 yuan/mt. However, with supply recovery expectations ahead, bulls lacked upward momentum, and SHFE lead later fluctuated between 17,100-17,140 yuan/mt before finally closing at 17,115 yuan/mt, up 0.44%. Open interest rose to 42,769 lots, increasing by 1,692 lots from the previous trading day.
