SHANGHAI, Mar. 16 (SMM) – LME lead prices overnight opened at USD 2,098/mt and moved weakly between USD 2,100-2,120/mt. During European trading hours, US employment data was reported positive, weighing on the US dollar index. As a result, LME lead prices fluctuated up but met resistance at the 10-day moving average to finally close at USD 2,127.8/mt, up USD 23/mt or 1.09%. Traded volumes were down by 1,016 lots to 3,928 lots, and positions were up 4,051 lots to 115,000 lots. LME lead inventories fell by 125 mt to 365,100 mt.
The US dollar index closed at 80.27, COMEX 5 month silver closed at USD 32.52/oz, up USD 0.32/oz or 0.98%.
On Friday, SHFE lead prices should move between RMB 15,850-16,000/mt, and domestic spot prices are expected to be RMB 15,700-15,900/mt.