SHANGHAI, Jul. 28 (SMM) – On Wednesday, LME lead prices rose to USD 2,741/mt during the Asian trading session. Later, disappointing US June durable goods orders boosted the US dollar index to above 74, and LME lead prices fell below the 5, 10 and 20-day moving averages in response, losing previous gains and returning below USD 2,700/mt. Finally, LME lead prices closed at USD 2,690/mt, down USD 29/mt. LME lead prices were down by 1% due to rising stocks, the largest price losses in base metals, but still found support at low-end prices, with prices moving between USD 2,675-2,735/mt.
In neighboring markets, the US dollar index finally settled at 74.104.
SMM expects spot discounts to be negative RMB 450-550/mt and domestic lead spot prices between RMB 17,050-17,200/mt on Thursday. The high spot prices and falling SHFE lead prices should lead to stronger wait-and-see sentiment, and tight capital at the end of July will depress buying interest as well.
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