SHANGHAI, Oct. 25 (SMM) – HSBC China PMI has reportedly hit a 3-month high at 49.1 in October. LME lead prices opened at USD 2,035/mt during Asian trading hours Wednesday and moved up due to the rise of Chinese stock markets. During European trading hours, however, PMI data for the eurozone, France and Germany all missed forecasts, and the meeting of the US Fed did not mention about any expansion of QE3, hurting market confidence. In response, the US dollar index rose above 80, and LME lead prices fell to USD 2,006/mt to end at USD 2,018/mt, down USD 17/mt. Daily trading volumes were down 1,644 lots to 7,956 lots, and positions were up 1,098 lots to 140,289 lots.
The US dollar index stood above the 5-day moving average and closed at 80.073, and COMEX silver for December delivery closed slightly down to USD 31.62/oz.
On Thursday, SHFE lead prices should move between RMB 15,300-15,400/mt with spot lead prices in China expected to remain stable at RMB 15,250-15,350/mt.