On August 13, 2026, the London Metal Exchange lead market experienced significant volatility driven by weakness in the US dollar index. According to Shanghai Metals Market (SMM) reporting, LME lead opened the session at $1,905 per metric ton and traded within a narrow range between $1,905 and $1,910/mt during early trading hours. As the US dollar index weakened during the session, LME lead rallied substantially, reaching an intraday high of $1,922.5 per metric ton, marking its strongest level in nearly two months.
However, the gains proved difficult to sustain, as LME lead retreated in late trading to close at $1,902/mt, representing a marginal decline of 0.05% on the day. On the Shanghai Futures Exchange, the most-traded SHFE lead 2609 contract mirrored the LME gains, opening higher at 15,975 yuan per metric ton. The contract rose sharply in early trading, breaching the psychologically important 16,000 yuan/mt level to reach an intraday high of 16,015 yuan/mt, its highest point in nearly one month.
Despite this impressive move, resistance above the 16,000 yuan/mt threshold proved formidable, and the contract surrendered most of its gains to close at 15,965 yuan/mt, up 0.57% on the session. Open interest dynamics on the SHFE platform show continued migration from the 2609 contract to the 2610 contract. The 2609 contract recorded open interest of 43,741 lots, declining by 1,431 lots from the previous trading day, while the 2610 contract maintained open interest of 68,875 lots.
Market observers are paying close attention to the upcoming rollover of the most-traded contract. The session underscores the sensitivity of lead prices to currency movements, with the weaker US dollar index providing sufficient support to drive prices toward two-month highs. However, the inability to sustain these elevated levels suggests underlying resistance in the market that may limit further upside momentum in the near term.
Source: Shanghai Metals Market (SMM), August 13, 2026
Source: news.metal.com