SHANGHAI, Mar.3 (SMM) – On Wednesday, despite a weaker US dollar index which hit a low of 76.529, LME lead prices closed USD 25.8/mt lower at USD 2,524.5/mt due to rising crude oil prices and low US stocks. LME lead prices secure support at the 60-day moving average currently, but are hard to move up in the near future technically. In this context, SMM expects LME lead prices to fluctuate between USD 2,520-2,560/mt in the short term.
In neighboring markets, gold futures for April delivery closed USD 6.5 higher at USD 1,437.7 per ounce; silver futures for March delivery closed 40.8 cents higher at USD 34.835 per ounce.
SMM expects transactions in domestic lead markets to be made between RMB 17,300-17,600/mt on Thursday.
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