SMM January 13:
Overnight, LME lead opened higher with a gap at $2,059/mt, fluctuated rangebound between $2,050-2,060/mt during the Asian session. Entering the European session, influenced by bears reducing positions, it touched a high of $2,067/mt, then pulled back towards the close, hitting a low of $2,047.5/mt, and finally settled at $2,053/mt, up $6.5/mt or 0.32%. A small bearish candlestick was recorded.
Overnight, the most-traded SHFE lead 2602 contract opened higher with a gap at 17,480 yuan/mt. At the beginning of the session, bulls withdrew funds, causing SHFE lead to decline all the way. After touching a low of 17,360 yuan/mt, it recovered and moved sideways between 17,390-17,440 yuan/mt. It pulled back again during the late session, finally settling at 17,395 yuan/mt, down 45 yuan/mt or 0.26%. Ending two consecutive gaining sessions, it formed a small bearish candlestick.
