SHANGHAI, Mar.23 (SMM) – On Tuesday, investors’ appetite grew due to eased Japan nuclear crisis, and LME base metals prices were largely up in response. However, market players held cautious attitude toward the weak lead import data released on Monday, causing LME lead prices to meet resistance at high prices and finally close flat at USD 2,689.8/mt. In this context, SMM expects LME lead prices to fluctuate above USD 2,670/mt in the short term.
In neighboring markets, the US dollar fell further to touch an all-time low of 75.294, but later rebounded and finally settled at 75.59. The gold futures for April delivery closed USD 1.20 up at USD 1,427.60 per ounce; the silver futures for May delivery closed 26.8 cents up at USD 36.269 per ounce.
SMM expects transactions in domestic lead markets to be made between RMB 17,550-17,700/mt on Wednesday.
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