SHANGHAI, Mar. 21 (SMM) – LME lead prices overnight opened at USD 2,099/mt and hovered around the level during Asian trading hours due to lack of important news. Later, as BHP Billiton said China’s ore demand was weakening, causing market concerns over China’s economy, LME lead prices plunged to nearly USD 2,000/mt and finally closed at USD 2,027.5/mt, down USD 77.5/mt or 3.68%. Trading volumes increased by 4,510 lots to 8,273 lots, and positions were down 598 lots to 114,000 lots. LME lead inventories increased by 1,475 mt to 370,125 mt.
The US dollar index closed at 79.55 and COMEX 5 month silver closed at USD 31.83/oz, down USD 1.166/oz, or 3.53%.
On Wednesday, SHFE lead prices should move between RMB 15,600-15,900/mt due to the slump of LME lead prices, and domestic spot prices are expected to be RMB 15,650-15,800/mt.