SHANGHAI, Oct. 20 (SMM) – LME lead prices overnight inched down after opened at USD 1,942/mt. Due to worse-than-forecast US housing starts and building permits, and since the US Federal Reserve released US economy grew modestly in September, and economic outlook will be even dimmer, market sentiment was depressed. LME lead prices continued to fall to as low as USD 1,861/mt, and closed at USD 1,862/mt, down USD 48.5/mt, or down 2.54%. The market was cautious ahead of the release of US jobless claims and manufacturing index on Tuesday evening, so LME lead prices should move between USD 1,850-1,900/mt today.
The US dollar index closed at 77.047.
SHFE lead prices should move between RMB 14,200-14,550/mt today, and domestic spot lead prices should be RMB 14,350-14,600/mt.