SHANGHAI, Feb. 28 (SMM) – LME lead prices overnight opened at USD 2,200/mt and moved between USD 2,190-2,215/mt. Later, as US pending home sales climbed 2% in January, above the expected 1.0% and the -3.5% for the previous period, US stock market was shored up, and LME lead prices rose to USD 2,250/mt as a result, with prices finally closing at USD 2,244/mt, up USD 38/mt or 1.72%. Thus, LME lead prices have been increasing for six trading days. Trading volumes decreased by 457 lots to 5,249 lots, and positions decreased by 184 lots to 111,000 lots. LME lead inventories were down 2,325 mt to 368,175 mt.
The US dollar index closed at 78.53, up 0.1, and COMEX 5 month silver closed at USD 35.6/oz, up USD 0.2/oz.
On Tuesday, SHFE lead prices are expected to move between RMB 16,050-16,250/mt, and domestic spot prices should be between RMB 15,900-16,050/mt, with discount over the most active SHFE lead contract price between RMB 150-250/mt.