SMM, December 24:
Overnight, LME lead opened at $1,983.5/mt. Against the backdrop of continued destocking of lead ingots, LME lead fluctuated upward, breaking through the $2,000/mt threshold during the day and reaching a weekly high of $2,006/mt. However, the US dollar index surged strongly at night, putting pressure on base metals, and LME lead quickly pulled back to around $1,980/mt before finally closing at $1,993/mt, up 0.61%. Additionally, as today is Christmas Eve, the LME will close at 20:30 tonight.
Overnight, the most-traded SHFE lead 2502 contract opened at 17,415 yuan/mt. Amid production cuts on the supply side, lead warehouse warrant inventory unexpectedly increased. SHFE lead initially dropped to 17,370 yuan/mt. Subsequently, the market continued to trade on supply-side environmental protection-driven production restrictions, with SHFE lead moving above 17,400 yuan/mt before finally closing at 17,485 yuan/mt, down 0.09%. Its open interest reached 61,421 lots, a decrease of 694 lots compared to the previous trading day.
