SHANGHAI, Dec. 9 (SMM) – LME lead prices overnight moved between USD 2,120-2,140/mt after opening at USD 2,126/mt. During European trading session, European Central Bank (ECB) unexpectedly announced an interest rate cut by 25 basic points to 1.00%. In addition to ECB President’s pessimistic remarks subsequently, stocks dropped significantly and the US dollar index rallied, leading to declines in LME lead prices. But prices gained strong support at USD 2,100/mt and finally closed at USD 2,103/mt, down USD 29/mt, or 1.36%. Yesterday, LME lead inventories reduced further by 1,075 mt to 363,325 mt. LME lead prices should move between USD 2,080-2,130/mt today.
The US dollar index rallied and closed at 78.8, and the COMEX silver prices closed at USD 31.5/oz, down USD 1.1/oz, or 3.37%.
SHFE lead prices may open lower and move between RMB 15,500-15,800/mt on Friday, and domestic spot prices should be RMB 15,500-15,700/mt. Transactions will become quieter ahead of weekend.