SHANGHAI, Oct. 15 (SMM) – LME lead prices continued to fall last Friday. Although the US September PPI was reported above 1.8% expected at 2.1%, and the University of Michigan Consumer Sentiment Index for October rose to a five-year high, the unresolved debt issue for Greece and Spain added to risk aversion. Net short positions in the US dropped 61% last week, and the US equities fell after rising initially. LME lead prices thus opened at USD 2,187/mt overnight and fell to a low of USD 2,126.3/mt to end at USD 2,140/mt, down USD 44.5/mt or 2%. Trading volumes were up 1,779 lots to 9,293 lots, and positions increased 155 lots to 142,106 lots. LME lead inventories continued to rise to 296,725 mt, up 15,550/mt. Market should focus on the EU summit and China’s September CPI and PPI data this week.
The US dollar index closed at 79.68, and COMEX silver for December delivery ended at USD 33.7/oz, down over 1%.
On October 15, 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.