SHANGHAI, Mar. 7 (SMM) – LME lead prices opened at USD 2,235/mt overnight and moved around the level during Asian trading hours. Later, the ADP employment data were reported above expectation, but base metals were not greatly boosted by the news. The euro slipped further against the US dollar, curbing investors’ appetite for metals. Besides, China’s tightening property market control triggered market concerns over the demand for base metals, and the US dollar rebounded to 82.6, a six-month high, sending metals prices down. LME lead prices thus closed at USD 2,186/mt, down USD 43.8/mt or 1.96%. Trading volumes were down 150 lots to 5,291 lots, and positions fell 342 lots. LME lead inventories increased 600 mt to 287,700 mt.
The US dollar index closed at 82.55 and still has room to rise further, while COMEX silver for May delivery closed at USD 28.8/oz, up USD 0.2/oz.
On March 7, SHFE 1305 lead contract price will likely move between RMB 14,750-14,900/mt, with spot lead prices in China expected at RMB 14,550-14,650/mt.