SHANGHAI, Feb. 29 (SMM) – LME lead prices overnight opened at USD 2,240/mt and fluctuated up to USD 2,275/mt boosted by the European Central Bank's planned offering of low-cost liquidity. However, as US durable orders for January and hours price index in December showed remarkable drop, market players were still concerned about the US economic recovery. As a result, LME lead prices finally closed at USD 2,249/mt due to a lack of upward momentum, up USD 5/mt. Trading volumes increased by 11 lots to 5,260 lots, and positions were down 1,145 lots to 109,000 lots. LME lead inventories decreased by 2,825 mt to 365,350 mt.
The US dollar index closed at 78.24, down 0.29, while COMEX 5 month silver closed at USD 37.21/oz, up USD 1.6/oz, or 4.5%.
On Wednesday, SHFE lead prices are expected to move between RMB 16,200-16,400/mt, and domestic spot prices should be between RMB 16,000-16,150/mt, with discounts of RMB 200-250/mt over the SHFE lead prices.