SHANGHAI, Mar. 22 (SMM) – LME lead prices started at USD 2,181/mt during Asian trading hours Thursday and touched a high of USD 2,221/mt boosted by the positive HSBC China manufacturing PMI for March. Later, although the US initial jobless claims were 336,000, worse than expectation, the Markit manufacturing PMI rose from 54.3 to 54.9 in March, while the Philadelphia Feds manufacturing index also advanced from -12.5 to 2.0, signifying the continued expansion in manufacturing sector. However, market concerns over the collapse of Cyprus banking system, weighing down equity markets and the euro, LME lead prices thus fell to close at USD 2,184/mt. Trading volumes were down 461 lots to 3,711 lots, while positions fell 2,416 lots to around 114,000 lots. LME lead inventories were down 1,500 mt to 269,975 mt.
The US dollar index closed at 82.79, and COMEX silver for May delivery rallied to USD 29.21/oz, up USD 0.412/oz or 1.43%.
On Friday, SHFE 1305 lead contract price will likely move between RMB 14,520-14,600/mt, with spot lead prices expected at RMB 14,450-14,550/mt.