SHANGHAI, Aug. 10 (SMM) – LME lead prices fluctuated widely overnight. During Asian trading hours, since China’s CPI was reported up 1.8% year on year in July, while PPI was down 2.9% from a year earlier, market expectations on China’s additional easing policies increased. In response, SHFE lead prices climbed to a high of USD 1,920/mt, but fell to USD 1,905/mt due to the rally of the US dollar index. During European trading session, the US trade deficit for June was reported at USD 42.92 billion, far below the expected USD 47.5 billion. Besides, the initial jobless claims for the week also staged a decline, driving LME lead prices to regain the earlier losses and close at USD 1,917.5/mt, up USD 12/mt. Daily trading volumes were down 414 lots to 2,789 lots, and positions were down 327 lots to 121,355 lots. Market players will keep an eye on China’s trade data and German CPI for July on Friday.
The US dollar index closed at 82.64, up 0.33, and COMEX silver for September delivery inched up to USD 28.10/oz.
SHFE lead prices may move between RMB 14,950-15,100/mt, with domestic spot lead prices expected at RMB 15,000-15,150/mt on August 10.
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