SHANGHAI, Oct. 8 (SMM) -- During last Friday’s Asian trading hours, LME lead prices edged down to hit USD 2,260/mt after opening at USD 2,260/mt. During the European and US trading hours, LME lead prices advanced to USD 22,280/mt on the news that the US nonfarm employment payrolls increased by 114,000 and the unemployment rate fell to 7.8%, the lowest since January 2012. However, weighed by rebound in the US dollar, LME lead prices closed at USD 2,278.3/mt, down USD 12.8/mt from a day earlier. Daily trading volumes were down by 229 lots to 4,857 lots. Positions were 2,571 lots to 139,682 lots. LME lead inventories were down by 3,200 mt to 254,575 mt. Close attentions should be paid to development of euro zone financial ministers meeting on Monday and German Chancellor Angela Merkel’s visit to Greece.
The US dollar index was weighed round 20-day moving average and closed at 79.34, and COMEX silver for December delivery ended at USD 34.67/oz, up 1.53% from a day earlier.
The US nonfarm employment data were positive, but the Greece and Spanish debt concern still lingered. Coupled with unclear technical trend, SMM expects that LME lead prices will move in the USD 2,255-2,285/mt range. SHFE 1211 lead contract prices are expected to move between RMB 16,070-16,200/mt, and spot lead prices should be RMB 15,650-15,800/mt.