SHANGHAI, Oct. 12 (SMM) – LME lead prices overnight opened lower at USD 2,190/mt as S&P cut Spain’s credit rating, but rebounded to USD 2,200/mt after prices fell for five days and the US dollar index dropped. During European trading hours, the US initial jobless claims were reportedly down 30,000 to 339,000 last week, the lowest level since January 2009. In response, LME lead prices kept rising to hit USD 2,221.5/mt. However, as longs booked profits later, LME lead prices fell to USD 2,176/mt and ended at USD 2,184.5/mt, down USD 13.3/mt. Trading volumes were down 903 lots to 7,514 lots, and positions increased 811 lots to 142,261 lots. LME lead inventories increased 15,500 mt to 281,175 mt. Canceled warrant ratio fell to 34.25%.
The US dollar index closed at 79.8, 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 15,800-16,000/mt, and spot lead prices should be RMB 15,550-15,700/mt.