SHANGHAI, Mar. 2 (SMM) – LME lead prices overnight opened at USD 2,180/mt and rose slightly due to the drop of the US dollar index. Later, as China’s PMI data and the US initial jobless claims were reported to be positive, LME lead prices increased to USD 2,200/mt. However, the disappointing European and US PMI data weighed on the LME lead, forcing prices to fluctuate down and surrender earlier gains. LME lead prices finally closed at USD 2,168/mt, down USD 23.8/mt or 1.08%. Traded volumes were down 995 lots to 5,834 lots, while positions were down 2,829 lots to 109,000 lots. LME lead inventories decreased by 500 mt to 369,950 mt.
The US dollar index closed at 78.78, down 0.03, and COMEX 5 month silver closed at USD 35.66/oz, up USD 1.02/oz or 2.94%.
On Friday, SHFE lead prices are expected to fluctuate between RMB 16,000-16,200/mt, and domestic spot prices should be between RMB 15,850-16,000/mt, with discounts over the most active SHFE lead contract price at RMB 150-200/mt.