SHANGHAI, Dec. 14 (SMM) – On Monday, the US dollar index fell below 80 to finally settle at 79.326 due to eased concerns on China’s interest rate hike. In response, base metals prices rose, and LME lead prices rose after opening at USD 2,432.5/mt, but met resistance later to finally close USD 37.5/mt higher. SMM expects LME lead prices to move above USD 2,400/mt in the short term.
In neighboring markets, gold futures for February delivery closed USD 13.10 higher at USD 1,398 per ounce; silver futures for March delivery closed USD 1.019 higher at USD 29.624 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the 17,150-17,250/mt range on Tuesday.
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