SHANGHAI, Feb. 1 (SMM) – As the People’s Bank of China conducted reverse repo worth RMB 100 billion, raising investors’ optimism for China’s economic prospect, LME lead prices opened at USD 2,440/mt and increased to USD 2,468/mt Thursday. Later, however, as the US jobless claims were reported below forecast, driving down the US equities, LME lead prices fell to end USD 14.8/mt lower at USD 2,430/mt. Trading volumes fell 141 lots to 7,866 lots, and positions fell 933 lots. LME lead inventories declined 1,750 mt to 290,850 mt.
The US dollar index ended at 79.1, and COMEX silver for March delivery surrendered gains from the previous trading day and closed at USD 31.44/oz.
On February 1, the SHFE 1304 lead contract price should move between RMB 15,460-15,600/mt, and spot lead prices in China are expected at RMB 14,800-14,950/mt, with trading quieter ahead of the weekend.