SHANGHAI, Dec. 30(SMM) – LME base metal markets largely closed up after reopening on Wednesday, especially with a US dollar index below 80. LME lead prices opened higher and closed USD 95.5/mt higher at USD 2,531/mt, the highest since November and far above all moving averages. At present, LME lead prices are showing technically upward momentum, but a period of time is still needed for LME lead prices to surge, given transactions are still quiet shortly after the Christmas Holiday. SMM expects LME lead prices to fluctuate between USD 2,500-2,550/mt for consolidations in the near future.
In neighboring markets, the US dollar index was down to finally settle at 79.761. Gold futures for February delivery rose by 0.6%, finally closing at USD 1,413.50 per ounce; silver futures for March delivery closed 38.1 cents higher at USD 30.704 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the 16,900-17,000/mt range on Thursday.
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