SHANGHAI, Feb. 24 (SMM) -- On Tuesday, LME lead prices declined nearly by 5% along with slip of LME copper prices, and 60-day moving average at USD 2,300 is easy to break through, with overall positions slightly increased. The reasons behind the falling LME lead prices are mainly attributed to low Consumer Confidence Index as well as that fact that Chinese market didn't following rising LME lead price trend. LME lead prices will face severe challenges near 30-day moving average at USD 2,200/mt.
In the neighboring market, US stock market was closed down, which is the biggest slump in a single day in recent three weeks, as concerns over vulnerable US economy aggravated, affected by significant decline of US Consumer Confidence Index. In the foreign exchange market, the dollar and the yen versus euro and other economic-sensitive currencies all climbed significantly due to demand to hedge against risks. COMEX April gold contract fell by USD 9.9/ounce to USD 1103.2/ounce, and March silver contract prices closed at USD 15.888/ounce, a decline of USD 0.334/ounce.
It is expected that domestic lead will be traded around RMB 16,000/in spot market today.
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