SHANGHAI, Mar. 6 (SMM) – The economic work report by Premier Wen Jiabao and the 7.5% target set for China’s 2013 GDP growth at the NPC session Tuesday gave a boost to market sentiment and drove the Shanghai Composite Index to climb over 2%. In response, LME lead prices opened at USD 2,224/mt and fluctuated upward. Later, US equities also moved up after starting higher, with the Dow hitting record high. The ISM non-manufacturing PMI improved significantly in February, causing the US equities to jump further. As a result, LME lead prices touched a high of USD 2,248.5/mt before closing at USD 2,230.8/mt, up USD 11.8/mt. Trading volumes were up 12 lots to 5,441 lots, while positions were up 1,214 lots.
The US dollar index closed at 82.04, while COMEX silver for May delivery closed at USD 28.6/oz.
On March 6, SHFE 1305 lead contract price will likely move between RMB 14,900-15,050/mt, with spot lead prices in China expected at RMB 14,600-14,750/mt.