SHANGHAI, Sep. 13(SMM) --
Last Friday, Market concerns over that the People’s Bank of China may raise interest rates appeared due to the earlier-than-scheduled release of China’s CPI and other major data . In this context, base metal market closed down. LME lead market tested USD 2,205/mt, but failed to stand above the USD 2,200/mt mark to finish at USD 2,170/mt. SMM expects that LME lead market may need to wait for guidance from macro data and fluctuate between USD 2,180-2,210/mt in the near future.
In neighboring markets, the US stocks closed high last Friday. The US dollar index rose to 82.987 and then moved down. Gold futures for December delivery closed USD 4.40 lower at USD 1246.50 per ounce; silver futures for December delivery closed 1 cent lower at USD 19.845 per ounce.
SMM expects that domestic lead will be traded in the RMB 16,150-16,300/mt range on this Monday.