SHANGHAI, Sep. 10 (SMM) – Rumors that China’s relevant authorities investigated trading in the Shanghai rubber market depressed market sentiment, sending base metal prices down sharply during Asian trading hours. Although positive data later about US initial jobless claims and the 14% decline in trade deficit in July helped prices rebound, base metal prices mostly closed lower due to lack of upward momentum. LME lead prices dropped to the USD 2,170/mt mark, and closed at the price level.
In neighboring markets, favorable data out of the US lifted market sentiment, and the US dollar moved lower due to improved sentiment for high-yield currencies, helping the US dollar index drop as low as 82.336. Gold futures for December delivery closed down USD 6.60 to finish at 1,250.90 per ounce. Silver futures for December delivery finished 15.40 cents lower at USD 19.855 per ounce.
SMM believes that domestic lead market will trade between RMB 16,150-16,350/mt on Friday.
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