SHANGHAI, Feb. 11 (SMM) -- On Wednesday, LME lead prices stood above 10-day moving average, with prices closing at USD 2,050/mt, and total positions increased slightly. Market players remained cautious about the sustainability of the upward trend of lead prices this week, and some investors believe it was too optimistic with regard to the results of the meeting of EU leaders on Thursday, with lead price trends depending on currency market trends.
In neighboring markets, the US stock markets closed down on Wednesday, since the Fed Chairman’s remarks concerning the withdrawal of stimulus programs generated market concerns, offsetting the positive impact from the possible solution to debt crisis in Greece. The euro dipped against the US dollar, and the US dollar index closed at 79.963. Gold futures on the COMEX stabilized, with April delivery down cents 90 to USD 1,076.3 per ounce, and silver futures for March delivery ended at USD 15.3 per ounce, down cents 13.5.
Domestic lead market is expected to trade around RMB 15,800/mt.
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