SHANGHAI, Mar. 6 (SMM) – LME lead prices overnight opened at USD 2,185/mt and moved between USD 2,170-2,190/mt. China cut its projected GDP growth for 2012 to a eight-year low, and both euro zone PMI and US durable goods orders were reported lower than expected. As a result, the US dollar index rebounded, and LME lead prices fell to USD 2,130-2,160/mt and finally closed at USD 2155.5/mt, down USD 34.5/mt or 1.58%. Traded volumes decreased by 143 lots to 4,176 lots, while positions were down 1,346 lots to 108,596 lots. LME lead inventories dropped by 1,875 mt to 364,800 mt.
The US dollar index closed at 79.35, down 0.07, and COMEX 5 month silver closed at USD 33.7/oz, down USD 0.83/oz.
On Tuesday, SHFE lead prices should move between RMB 16,000-16,250/mt after opening lower. Domestic spot prices should be between RMB 15,850-16,000/mt, with discounts over the most active SHFE lead contract price at RMB 150-250/mt.