SMM News on December 11:
Overnight, LME lead opened at $1,983/mt. Ahead of the US Fed meeting, the market awaited the outcome, resulting in mediocre trading in the LME lead market. It consolidated mostly between $1,980-1,990/mt throughout the day. Towards the close, as the US dollar weakened, LME lead reversed its trend and rebounded, eventually closing at $1,984/mt, up 0.4%.
Overnight, the most-traded SHFE lead 2601 contract opened at 17,155 yuan/mt. After opening, dragged down by the weakness in LME lead, SHFE lead fluctuated and pulled back to around 17,090 yuan/mt. Meanwhile, the open interest of the 2601 contract gradually declined, with positions shifting to the 2602 contract. SHFE lead finally closed at 17,095 yuan/mt, up 0.12%. Its open interest stood at 38,336 lots, down 979 lots from the previous trading day.
