SHANGHAI, Sep. 17 (SMM) –
The initial jobless claims were lower than expected the week ended Sep. 11 . Besides, the US PPI created a three-month high growth of 0.4%. In this context, the US stocks grew and drove up base metal market. However, the September Manufacturing activity index in mid-Atlantic released by the US dropped, depressing part of the confidence from positive initial jobless claims. In this context, metal market met resistance, and LME lead prices fell in response on Thursday with the lowest level at USD 2,151/mt. Later LME lead market pared some losses due to a declining US dollar, and got support at USD 2,200/mt to finally close at USD 2,215/mt. SMM expects that LME lead market will fluctuate at around USD 2,200/mt.
In neighboring markets, the Euro grew, lowering investors’ risk-aversion sentiment. The US dollar fell in response and finally closed at 81.608, with the lowest level at 81.074. Gold futures for December delivery closed USD 5.10 higher at USD 1,273.80 per ounce; silver futures for December delivery closed 20 cents higher at USD 20.771 per ounce.
SMM expects that transactions in domestic lead market will be done in the RMB 16,200-16,400/mt range on Friday.
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