SHANGHAI, Mar.30 (SMM) – On Wednesday, LME lead prices fell to hit a low of USD 2,600/mt, due to ongoing Japan nuclear crisis, as well as shrinking investors appetite from global tight monetary policies. However, the US consumer confidence index in March is 63.4, better than expected 63.0, and support base metals. Besides, the US dollar index was down to below 76, and coupled with rising US stocks, LME lead prices rebounded later, finally closing USD 15/mt lower at USD 2,625/mt. LME lead spot premiums expanded to USD 43/mt, and SMM expects LME lead prices to fluctuate above USD 2,620/mt in the short term.
In neighboring markets, the US dollar index fell back to below 76,, finally settling at 75.925. Gold futures for April delivery closed USD 3.70 lower at USD 1,416.20 per ounce; silver futures for May delivery closed 10.1 cents lower at USD 36.987 per ounce.
SMM expects transactions in domestic lead spot markets to be made between RMB 17,400-17,500/mt on Wednesday.
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