SHANGHAI, Feb. 28 (SMM) – The US durable goods orders presented the biggest growth since December 2011 in January, and pending home sales also increased sharply in January, indicating the recovery in property market and driving up the US equities. However, as the testimony of Bernanke revealed nothing much new, LME lead prices started at USD 2,308/mt and closed only USD 4/mt higher at USD 2,313/mt. Trading volumes fell 1,226 lots to 4,350 lots, and positions fell 3,609 lots to around 124,000 lots. LME lead inventories were down 150 mt to 287,950 mt.
The US dollar index closed at 81.5, while COMEX silver for May delivery closed at USD 28.99/oz, down USD 0.315/oz.
On February 28, SHFE 1304 lead contract price will likely move between RMB 14,950-15,080/mt, with spot lead prices in China expected to remain at RMB 14,700-14,850/mt.