SHANGHAI, Oct. 11 (SMM) – LME lead prices fell significantly overnight and staged the largest loss in three months. S&P’s move to cut Spain to “BBB-” from “BBB+” fueled market concerns. Although the beige book released by the Fed reported a moderate growth of the US economy, market remained depressed, and LME lead prices fell all the way to a low of USD 2,194/mt after starting at USD 2,250/mt to end at USD 2,197.8/mt, losing USD 55.3/mt or 2.45%. Trading volumes were up 4,355 lots to 8,417 lots, and positions increased 1,622 lots to 141,450 lots. LME lead inventories stopped falling and rose 17,825 mt to 265,675 mt and were mainly stocked at port of Antwerp. Canceled warrant ratio reached 37.56%. Market will focus on the G7 finance minster conference and the annual meeting of IMF/WB on Thursday. Besides, September unemployment rate in Australia, China’s new lending data for September and CPI for Germany and France will be eyed.
The US dollar index closed at 80.06, and COMEX silver for December delivery ended at USD 34.10/oz.
On Thursday, SHFE 1211 lead contract prices are expected to move between RMB 15,650-15,900/mt, and spot lead prices should be RMB 15,450-15,600/mt.