SHANGHAI, Oct. 10 (SMM) – On Tuesday, as reports came that China regulators would release a flurry of new policies in October to encourage brokerages to innovate, the A-share rose above 2,100 points. In response, LME lead prices opened at USD 2,259/mt during Asian trading hours and hit a high of USD 2,272/mt. However, the IMF later pointed out in its fiscal review report that Greece would not be able to achieve its goal for debt cutting before 2017, and Spain was unlikely realize its deficit cut target in two years. As a consequence, high risk currencies were dragging down by risk aversion, while the US dollar index returned to 80. LME lead prices moved between USD 2,250-2,270/mt with strong resistance at the 5-day moving average, and finally closed at USD 2,253/mt. Trading volumes were up 10 lots to 4,062 lots, and positions were up 551 lots to 139,828 lots. LME lead inventories fell 3,500 mt to 247,850 mt.
The US dollar index closed at 80.08, and COMEX silver for December delivery ended at USD 33.9/oz.
On Wednesday, SHFE 1211 lead contract prices are expected to move between RMB 15,920-16,070/mt, and spot lead prices should be RMB 15,600-15,750/mt.