SHANGHAI, Feb. 21 (SMM) – LME lead prices moved within a narrow range after opening at USD 2,387/mt in Asian trading hours Wednesday. Later, since the FOMC minutes revealed Fed’s concerns over unsteady economy and higher inflationary pressure caused by asset purchases and since more members of the Bank of England required further easing policies which resulted in the biggest diverge within the bank, the US dollar index rose above 81, driving LME lead prices to slump to USD 2,345/mt and finally close at USD 2,357/mt, a decline of USD 26.3/mt or 1.1%. Trading volumes were up 562 lots to 5,583 lots, and positions fell 603 lots to around 128,428 lots. LME lead inventories increased 250 mt to 288,575 mt.
The US dollar index ended 0.63 higher at 81.105, and COMEX silver for March delivery dropped USD 0. 8/oz or 2.72% to close at USD 28.62/oz.
On February 21, the most active SHFE lead contract price should move between RMB 15,150-15,250/mt, with spot lead prices in China expected to remained at RMB 14,750-14,900/mt.