SHANGHAI, Oct. 18 (SMM) -- LME lead prices moved between USD 2,020-2,050/mt after opening at USD 2,044/mt yesterday. During European and US trading hours, German finance minister said the resolution to European debt crisis will not be released on the European Union Summit on October 23rd, spurring market concerns that the debt crisis will deteriorate further. In addition, the index of manufacturing activity in October published by the Federal Reserve Bank of New York was weaker than expected. As a result, LME lead prices moved lower and closed at USD 1,961/mt, down 3%. Markets are eyeing on the upcoming China’s 3Q GDP today. SMM predicts LME lead prices will likely move between USD 1,980-2,040/mt today.
In neighboring markets, the US dollar index moved higher and closed at 77.16.
SHFE lead prices are expected to move between RMB 14,850-15,250/mt, while traded prices for domestic spot lead will likely move between RMB 14,850-15,100/mt on Tuesday.