SHANGHAI, Oct. 19 (SMM) – LME lead prices fluctuated narrowly between USD 2,150-2,175/mt overnight. During Asian trading hours, China’s 3Q GDP was 7.4%, the lowest level since 1Q 2009, but the result was within market expectations. LME lead opened at USD 2,150/mt and moved around USD 2,160/mt. In European trading hours, market was little affected by the EU summit with no substantial news coming out. The US initial jobless claims were 388,000 last week, much worse than 363,000 expected. Thus, LME lead prices dropped before gaining buying support to regain the losses. At the tail of trading, however, the falling US equities and rising US dollar index drove LME lead to fall to close at USD 2,156.3/mt, down USD 1.3/mt. Trading volumes were up 32 lots 6,052 lots, and positions rose 1,585 lots to 138,637 lots. LME lead inventories fell 1,975 mt to 295,275 mt. Investors will focus on Germany PPI data for September and minutes to EU summit on Friday.
The US dollar index closed up 0.267 at 79.36, and COMEX silver for December delivery ended at USD 32.84/oz, up 0.11%.
On October 19, SHFE 1212 lead contract prices are expected to hover at RMB 15,650-15,850/mt, and spot lead prices should be RMB 15,400-15,550/mt.