SMM News on December 16:
Overnight, LME lead opened at $1,969.5/mt, moving sideways above the daily average line during the Asian session. Entering the European session, LME lead fluctuated downward, dropping to $1,939/mt, before rebounding slightly toward the close to end at $1,946.5/mt, falling below the five-day moving average. It lost $19.5/mt, down 0.99%, forming a large bearish candlestick.
Overnight, the most-traded SHFE lead 2601 contract opened lower with a gap at 17,015 yuan/mt, plummeted straight at the opening, broke below the 17,000-yuan key level, and fluctuated between 16,910 yuan/mt and 16,840 yuan/mt. It touched a low of 16,840 yuan/mt toward the close, with the trading center moving downward, but found support at the lower Bollinger Band, and finally closed at 16,875 yuan/mt, down 195 yuan/mt or 1.14%, forming a small bearish candlestick with a bald head.
