SHANGHAI, Mar. 29 (SMM) – LME lead prices overnight opened at USD 1,987/mt and plunged to USD 1,964/mt due to the sharp decline of China’s stock markets and the 5.2% profit decrease in China’s large industrial companies from January to February compared with a year ago. Later, the US durable goods orders for February were reported lower than expected, also weighing on LME lead prices. Thus, prices hovered around USD 1,970/mt and finally closed at USD 1,975/mt, down USD 17/mt. Trading volumes increased by 174 lots to 4,704 lots, and positions were up 831 lots to 122,000 lots. LME lead inventories fell by 375 mt to 376,850 mt.
The US dollar index closed at 79.1. COMEX 5 month silver closed at USD 31.8/oz, down USD 0.769/oz, or 2.36%.
On Thursday, SHFE lead prices should move between RMB 15,450-15,700/mt, and domestic spot prices are expected to be between RMB 15,600-15,750/mt.