SHANGAHI, Sep. 16 (SMM) –
Concerns over global demand for base metals were aroused on Wednesday due to slower economic growth in the US from lower-than-excepted US industrial output data and rumors that China would further tighten monetary policies. In this context, base metal market fell on Wednesday. LME lead prices fluctuated in the USD 2,200-2,240/mt range and closed at USD 2,230/mt finally. LME lead prices got support on the 5-day moving average, thus SMM expects that LME lead prices will fluctuate above moving averages in the short term.
In neighboring markets, the US dollar index rallied to around 81.5 following Japan’s measures of suppressing the yen. Gold futures for December delivery closed USD 3 lower at USD 1,268.70 per ounce; silver futures for December delivery closed 13.9 cents higher at USD 20.571 per ounce.
SMM expects that transactions in domestic lead market will be done in the RMB 16,250-16,450/mt range on Thursday.
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