Lead Prices Remain Low amid Rising US Dollar Index

SHANGHAI, Feb 8 (SMM) - Overnight, LME lead opened at $2,100/mt. Under the pressure of the increasing US dollar index and the rising lead inventory, LME lead fell to $2,083/mt. But LME lead prices rebounded by 0.55% and closed at $2,111.5/mt as the US dollar index fell. As of February 7, LME lead invnetory were 22,175 mt, an increase of 1,975 mt from the previous day.

The most-traded SHFE 2303 lead contract opened at 15,155 yuan/mt overnight amid the increasing domestic and overseas inventory. SHFE lead remained at 15,170-15,190 yuan/mt for a long time amid the long-short game and finally closed at 15,175 yuan/mt, down 0.26%, with the open interest up 414 lots to 73,624 lots. The warrants inventory of SHFE lead ingot was 40,766 mt yesterday, an increase of 477 mt from the previous day.