SHANGHAI, Jul. 13 (SMM) –The central bank of South Korea has unexpectedly cut its key interest rate to 3.0% for the first time in over three years Thursday. Market concerns over global growth drove LME lead prices to fluctuate down and showed no sign to stop falling at the close of SHFE market after opening at USD 1,879/mt overnight. Market will focus on China’s GDP data on Friday and should remain cautious before the release. LME lead prices stabilized at the tail of trading and closed at USD 1,858/mt, down USD 12.5/mt. Trading volumes increased 311 lots to 2,500 lots while positions were down 919 lots. LME lead inventories dropped 775 mt to 345,750 mt.
The US dollar index closed higher at 83.7, and COMEX silver for September delivery was settled at USD 27.16/oz, up USD 0.138/oz.
SHFE lead prices are expected to move between RMB 14,800-14,950/mt on Friday, and spot lead prices should be RMB 14,850-14,950/mt.