SHANGHAI, Dec. 20 (SMM) – Despite a stronger US dollar index, base metals prices ended high last Friday. LME lead prices rose by USD 55/mt to finally close at USD 2,425/mt, returning above all moving averages. The US dollar index may hover at around 80, and SMM expects LME lead prices to fluctuate between USD 2,400-2,450/mt in the short term.
In neighboring markets, the US dollar index closed higher at 80.362, due to the lower Irish sovereignty debt rating. Gold futures for February delivery closed USD 8.20 higher at 1,379.20 per ounce; silver futures for March delivery closed 35.1 cents higher at USD 29.1330 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the 17,000-17,050/mt range on Monday.
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