SHANGHAI, Mar. 7 (SMM) – LME lead prices overnight opened at USD 2,160/mt and fluctuated down. The reported delay of Greek debt swap deadline raised risk aversion, US and European stocks fell remarkably, and the US dollar index rose in consequence, dragging LME lead prices to fall below USD 2,100/mt. Combined with the negative influence of China’s economic slowdown, market confidence was further depressed. As a result, LME lead prices dropped further to hit a low of USD 2,058.3/mt and finally closed at USD 2,065/mt, down USD 90.5/mt or 4.2%. Traded volumes increased by 2,984 lots to 7,160 lots, and positions were up 350 lots to 108,946 lots. LME lead inventories decreased by 850 mt to 363,950 mt.
The US dollar index rose to a high of 79.87 and closed at 79.77, up 0.46. COMEX 5 month silver closed at USD 32.87/oz, down USD 0.11/oz.
On Wednesday, SHFE lead prices should move between RMB 15,600-15,900/mt. Domestic spot prices are expected to be RMB 15,600-15,750/mt, with discounts over the most active SHFE lead contract price at RMB 0-100/mt.