SHANGHAI, Aug. 23 (SMM) -- LME lead prices climbed to a high of USD 2,324/mt after opening around USD 2,300/mt, but faced strong pressure from 5-day and 10-day moving averages. Later, LME lead prices fluctuated lower and even fell below USD 2,300/mt, hitting a low of USD 2,295/mt. Market expectations that the US Federal Reserve will launch a third round of quantitative easing (QE3) weakened during European and US trading hours, pushing up the US dollar index and in turn dragging down LME lead prices. Finally, LME lead prices closed at USD 2,268/mt, down USD 40/mt or 1.77%. SMM predicts LME lead prices may move between USD 2,250-2,350/mt on Tuesday given a lack of clear market direction.
In neighboring markets, the US dollar index rallied, and finally closed at 74.159.
Domestic spot lead is expected to be traded between RMB 16,150-16,250/mt on Tuesday.