SHANGHAI, Mar. 5 (SMM) – Base metals fell as the tightened property market control in China drove Chinese stocks to slump 3.65% Monday. LME lead prices opened at USD 2,258.5/mt and ended the Asian trading session lower at USD 2,235/mt. Later, the Fed’s Vice Chair Yellen announced to continue to implement QE measures, sending the US equities up, but the meeting of the European Group did not mention Italy’s political situation, market was still weighed down. Besides, decline in the US dollar index failed to give a boost to LME lead, with prices hitting a low of USD 2,214.5/mt before closing at USD 2,219/mt, down USD 38/mt. Trading volumes fell 2,619 lots to 5,429 lots, and positions were down 1,542 lots to around 118,000 lots. LME lead inventories fell 50 mt to 287,175 mt.
The US dollar index closed at 82.13, while COMEX silver for May delivery closed at USD 28.58/oz, edging up USD 0.09/oz.
On March 5, SHFE 1305 lead contract price will likely move between RMB 14,850-15,050/mt, with spot lead prices in China expected at RMB 14,550-14,700/mt.