SHANGHAI, Feb. 8 (SMM) – The German industrial output rose 0.3% MoM in December, above expectation, and the US initial jobless claims were down to 366,000, a five-year low. Although the European Central Bank and the Bank of England kept interest rates unchanged, Draghi stated economy might be weaker in 4Q 2012 and early 2013. The US dollar index rose above 80, weighing down base metals. LME lead prices thus opened at USD 2,415/mt and fell to USD 2,395.3/mt. During European trading hours, prices regained some losses to close at USD 2,415/mt, down USD 5.3/mt. Trading volumes were down 284 lots to 5,116 lots, and positions fell 1,473 lots to around 132,576 lots. LME lead inventories were down 2,400 mt to 287,500 mt.
The US dollar index rose 0.54 to end at 80.278, and COMEX silver for March delivery fell 1.5% to close at USD 31.4/oz.
On February 8, the SHFE 1304 lead contract price should move between RMB 15,300-15,400/mt, with spot lead prices in China expected to remain around RMB 14,950/mt.