SHANGHAI, Dec. 24(SMM) – On Thursday, the US initial jobless claims last week slipped to 420,000, and the US consumer spending in November rose for a fifth month, and the new homes sales also rose by 5.5% in November. LME lead prices rose in response to these positive economic data released by the US after a low opening. However, LME lead prices met resistance later due to the sluggish sentiment before the Christmas Holiday, finally closing USD 10.5/mt lower at USD 2,435/mt, below the 5-day moving average. Despite solid support at around USD 2,400/mt, SMM expects LME lead prices to fluctuate narrowly between USD 2,400-2,450/mt and mainly keep stable in the near term, due to the quiet trading sentiment before the Christmas Holiday.
In neighboring markets, the US dollar index moved between 80.3-80.8, finally settling at 80.458. Gold futures for February delivery closed USD 6.90 lower at 1,380.50 per ounce; silver futures for March delivery closed 5.70 cents lower at USD 29.3280 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the 16,900-17,000/mt range on Friday.
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