SMM Jan. 16:
Overnight, LME lead opened higher with a gap at $2,086/mt. During the Asian session, prices fluctuated rangebound near the daily average line. After entering the European session, the consolidation pattern continued. In the late session, driven by bulls' funds, LME lead steadily strengthened, hitting an intraday high of $2,102/mt, refreshing the high point in nearly 11 months, and finally closed at $2,096.5/mt, up $11/mt, or 0.53%, recording a three-day winning streak.
Overnight, the most-traded SHFE lead 2603 contract opened higher with a gap at 17,585 yuan/mt. After a slight correction at the beginning of the session, driven by concentrated entry of bulls' funds, SHFE lead showed a unilateral upward trend, reaching a high of 17,760 yuan/mt, then fluctuated at high levels and gained support at the five-day moving average, finally closing at 17,710 yuan/mt, up 160 yuan/mt, or 0.91%, achieving a three-day winning streak.
