SHANGHAI, Jul. 27 (SMM) – On Tuesday, LME lead prices drifted higher after opening at USD 2,675/mt, and stabilized above USD 2,700/mt after breaking through the 5, 10 and 20-day moving average. During the European trading session, uncertainty of the US debt ceiling talks continued to weigh down on the US dollar index. In response, LME lead prices rose to a high of USD 2,750/mt, but lost previous gains at end of the trading, with prices finally closing at USD 2,719/mt, up USD 39/mt or 1.46%. SMM expects LME lead prices may fluctuate between USD 2,670-2,750/mt on Wednesday.
In neighboring markets, the US dollar index finally settled at 73.535.
SMM expects domestic lead spot prices to be between RMB 17,000-17,200/mt on Wednesday.
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