SHANGHAI, Sept. 9 (SMM)--LME lead prices overnight stabilized between USD 2,400-2,425/mt after opening. US trade deficit contracted to USD 48.81 billion, lower than the expected USD 51 billion, boosting LME lead prices to USD 2,489/mt. Finally, LME lead prices closed at USD 2,470/mt, up USD 50/mt, or up 2%. As the Mid-Autumn Day Festival nears and since US President Obama will announce job creation plan, and China will also release the CPI for August, the market is cautious. LME lead prices should move between USD 2,450-2,510/mt today.
The market should be cautious ahead of the release of new economic data Thursday.
The US dollar index surged to 76.379 and closed at 76.26.
Domestic spot lead prices should be between RMB 16,200-16,350/mt.