SHANGHAI, Oct. 18 (SMM) – LME lead prices rose significantly overnight. During Asian trading session, market remained relatively cautious with a lack of important reports, LME lead prices opened at USD 2,128/mt and moved narrowly between USD 2,110-2,130/mt. During European trading hours, IMF officials and prime minister of Greece have reached agreement on core issues. The US housing starts hit a 4-year high at 872,000 in September, and the building permits also rose to the highest level not seen since July 2008. US equities and high risk currencies thus went up generally, and LME lead prices rallied to a high of USD 2,169.8/mt but fell later due to light trading to end at USD 2,157.5/mt, up USD 35/mt or 1.65%. Trading volumes were up 1,610 lots 6,020 lots, and positions fell 1,297 lots to 137,052 lots. LME lead inventories continued to drop 3,175 mt to 297,250 mt. Investors will pay attention to China’s 3Q GDP and the EU summit on Thursday.
The US dollar index closed at 79.09, and COMEX silver for December delivery ended at USD 33.23/oz, up 0.7%.
On October 18, SHFE 1212 lead contract prices are expected to hover at RMB 15,700-15,950/mt, and spot lead prices should be RMB 15,400-15,600/mt.