LME Lead Surge amid Falling US Dollar Index

SHANGHAI, Feb 10 (SMM) - Overnight, LME lead opened at $2,132.5/mt and fluctuated between $2,135-2,140/mt amid the light transactions during the Asian trading hours. As the US dollar index fell sharply, LME hit the highest point at $2169/mt and then pulled back amid weak fundamental.

SHFE lead finally closed at $2,119/mt, a decrease of 0.61%. Overnight, the most-traded SHFE 2303 lead contract opened at 15,280 yuan/mt and remained high at 15,300 yuan/mt amid strong LME lead prices. But the poor recovery of demand and expectations for increasing inventory dragged down the prices. SHFE lead rushed to a weekly high of 15,390 yuan/mt with the exit of shorts. SHFE Lead closed at 15,385 yuan/mt, up 0.92%, with open interest decreasing 3,907 lots to 63,919 lots.