SHANGHAI, Sept. 30 (SMM) – The number of US jobless claims for the week ending September 24 fell to 391,000, lower than the forecast of 420,000, while GDP for 2Q was up 1.3%, also higher than the estimated 1.2%. In this context, German parliamentarians passed the planned expansion of European Financial Stability Facility (EFSF), boosting market sentiment. LME lead prices rose to USD 2,000/mt, and close at USD 2,021/mt, up USD 50/mt. But due to ongoing concerns over European debt crisis and since Fitch unexpectedly downgraded New Zealand’s credit rating, LME zinc prices should struggle at USD 2,000/mt level.
The US dollar index closed at 77.882.
SHFE lead prices should move between RMB 14,100-14,500/mt, and domestic spot lead prices should be between RMB 14,200-14,400/mt, with discounts of negative RMB 0-50/mt against SHFE three-month lead contract prices.