SHANGHAI, Nov. 9 (SMM) – LME lead prices overnight opened at USD 2,011/mt, and during Asian trading session continued to fluctuate, seen in previous days. On part of Europe, although Italy passed a key budget vote, its Prime Minister Berlusconi failed to win majority, with the report that he might step down. This boosted the market with a stronger Euro. As a result, LME lead prices fluctuated up and finally closed at USD 2,030/mt. The National Bureau of Statistics will release CPI data for October during Asian trading session, it is widely expected that the growth will fall back remarkably, which may help moderate inflation. Markets are still waiting for release of major economic data. LME lead prices should move between USD 2,000-2,050/mt.
The US dollar index fluctuated down but got support at 60-day moving average, and closed at 76.91.
SHFE lead prices will follow the CPI data closely, and should move at RMB 15,250-15,550/mt. Domestic spot lead prices should be RMB 15,300-15,500/mt on Wednesday.