SMM January 16:
This week, LME lead opened at $2,059/mt. At the beginning of the week, the price fluctuated rangebound within the range of $2,040-2,070/mt, touching a low of $2,042.5/mt during the period. Mid-week, boosted by the broad strength in the nonferrous metals sector and a large influx of long funds, LME lead fluctuated upward, with its momentum gradually strengthening. By the end of the week, it hit a high of $2,102/mt, refreshing the highest level in nearly eleven months. As of 15:00 Beijing time on January 16, 2026, it finally closed at $2,075/mt, up $28.5/mt, an increase of 1.39%.
This week, the most-traded SHFE lead 2603 contract opened at 17,380 yuan/mt. Early in the week, a fierce tug-of-war between longs and shorts led to an "inverted V-shaped" fluctuation in the price, briefly touching a low of 17,320 yuan/mt. Mid-week, it entered a brief consolidation phase, after which the bulls and bears engaged in intense battles again, shifting the price movement to a "W-shaped" fluctuation, with the price surging to a high of 17,760 yuan/mt during the session. In late trading, bears gained a slight upper hand, causing SHFE lead to give back most of its gains, and it finally closed at 17,475 yuan/mt, up 80 yuan/mt, an increase of 0.46%.
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