SHANGHAI, Feb. 25 (SMM) – On Thursday, the US initial jobless claims last week fell to 391,000, compared with the forecast of 400,000. However, LME lead prices tumbled to around USD 2,470/mt before rallying to USD 2,500/mt, finally closing USD 47.5/mt lower, below the 60-day moving average, due to investor’s risk aversion amid the Libya unrest. Base metals prices may keep fluctuating weakly in the short term amid the Libya turmoil, with LME lead prices fluctuating at around a low of USD 2,500/mt.
In neighboring markets, the US dollar index kept fluctuating at low levels, finally settling at 77.033 after falling below 77. Gold futures for April delivery closed USD 1.80 lower at USD 1,415.80 per ounce; silver futures for March delivery closed 13.2 cents lower at USD 33.166 per ounce.
SMM expects transactions in domestic lead markets to be made between RMB 17,300-17,550/mt on Friday.
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