SHANGHAI, Mar. 8 (SMM) – LME lead prices overnight opened at USD 2,065/mt and fluctuated widely between USD 2,055-2,085/mt. As US ADP Employment data increased by 216,000, above the expectations, market confidence was boosted. Also, US Federal Reserve was reportedly considering new measures to maintain low interest rate, and new progress in Greek debt swap was reported. As a result, US stocks rose, driving LME lead prices to touch USD 2,090.8/mt at the tail of trading and to finally close at USD 2090/mt, up USD 25/mt or 1.21%. Traded volumes were down 1,824 lots to 5,336 lots, while positions were up 1,153 lots to 110,099 lots. LME lead inventories remained unchanged at 363,950 mt.
The US dollar index closed at 79.69, down 0.12. COMEX 5 month silver closed at USD 33.59/oz, up USD 0.8/oz.
On Thursday, 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.