SHANGHAI, Mar. 9 (SMM) – LME lead prices overnight opened at USD 2,100/mt and fluctuated up to touch a high of USD 2,141/mt due to the optimism toward the Greek debt swap deal. Later, as the president of the European Central Bank cut the euro zone economic growth forecast for 2012 and 2013, and US Initial Jobless Claims were worst than expected, depressing market confidence, the euro and stock markets moved sideways. As a result, LME lead prices moved down slightly, but regained at the tail of trading and finally closed at USD 2,127.8/mt, up USD 37.8/mt or 1.81%. Traded volumes were down 1,689 lots to 3,647 lots, and positions were up 566 lots to 110,665 lots. LME lead inventories dropped 525 mt to 363,425 mt.
The US dollar index fluctuated down to close at 79.16, down 0.53. COMEX 5 month silver closed at USD 33.8/oz, up USD 0.22/oz.
On Friday, SHFE lead prices should stabilize between RMB 15,800-16,100/mt, domestic spot prices are expected to be RMB 15,650-15,800/mt, with discounts over the most active SHFE lead contract price at RMB 150-200/mt.