SHANGHAI, Dec. 21 (SMM) – On Monday, most base metals prices closed with gains, despite the US dollar index fluctuating at high levels between 80.4-80.6. LME lead prices fell after a high opening, and later found support at USD 2,400/mt, finally closing USD 19.5/mt higher at USD 2,444.5/mt. SMM expects LME lead prices to fluctuate on an upward track between USD 2,400-2.450/mt in the near term. What should be noticed is spot premium against LME three-month delivery lead futures contract rose to the highest since 2009, stimulating LME-monitored lead inventories to increase by 150 mt to 207,750 mt, the highest in the past 10.5 years. However the actual supplies in lead markets are sufficient, and the high premium doesn’t reflect the real condition of spot markets.
In neighboring markets, gold futures for February delivery closed USD 6.90 higher at 1,386.10 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the 17,050-17,150/mt range on Tuesday.
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