SHANGHAI, Sept. 27 (SMM) -- LME lead prices dipped as low as USD 1,800/mt during Asian trading hours yesterday, but later a weaker US dollar and stronger US stocks helped boost LME lead prices to erase previous losses. German business climate index fell for the third consecutive month to 107.5 in September, while US new home sales in August slipped by 2.3% on a monthly basis, both indicating markets remain concerned about macro economy. As a result, LME lead prices finally closed at USD 1,902/mt, temporarily holding steady at USD 1,900/mt. SMM predicts LME lead prices will test USD 1,885/mt today.
In neighboring markets, the US dollar index fell to 78 after hitting a record high of 78.863 since February, with the index finally closing at 78.165.
SHFE 1111 lead contract prices will test the RMB 14,000/mt mark, moving between RMB 13,800-14,400/mt, while quotations for spot lead will be at discounts of negative RMB 0-100/mt against SHFE 1111 lead contract prices, with traded prices expected between RMB 13,900-14,300/mt on Tuesday.