SHANGHAI, Feb. 18 (SMM) – Due to the US dollar index falling to below 78, LME lead prices closed USD 7.8/mt higher at USD 2,590/mt on Thursday, but still met resistance at the 5-day moving average. Concerns on lead supply eased due to words that electricity supply in Henan, China’s major lead producing province, improved to an extent. In this context, SMM expects LME lead prices to keep fluctuating at USD 2,600/mt in the short term.
In neighboring markets, the US dollar index was down, finally settling at 77.928. Gold futures for April delivery closed USD 1 higher at USD 1,375.10 per ounce; silver futures for March delivery closed 6.7 cents lower at USD 30.629 per ounce.
SMM expects transactions in domestic lead markets to be made between RMB 17,100-17,300/mt on Friday.
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