SHANGHAI, Jan. 5 (SMM) – LME lead prices overnight dropped to USD 2,057/mt after opening at USD 2,085/mt, but then regained some earlier losses during Asian trading session. However, during European trading session, eurozone banks’ deposits with ECB hit record high again, reflecting banks’ unwillingness to lend money, so markets remained cautious to euro denominated assets. Besides, market concerns over global economic growth still existed as German 10-year bonds auction performed modestly. In this context, LME lead prices moved between USD 2,060-2,080/mt, and finally closed at USD 2,060/mt, down USD 22/mt, or 1.06%. LME lead prices are expected to move between USD 2,040-2,080/mt.
The US dollar index moved up and closed at 80.16, and COMEX silver closed at USD 29.1/oz, down USD 0.48/oz, or 1.6%.
SHFE lead prices, influenced both by LME lead prices and the weak Chinese stock markets, may move between RMB 15,200-15,400/mt on Thursday. Domestic spot prices should be RMB 15,250-15,350/mt.