SHANGHAI, Mar. 28 (SMM) – LME lead prices opened at USD 2,138/mt in Asian trading hours Wednesday and fell to USD 2,095/mt due to continued concerns over the Cyprus bailout deal. Later, market concerns were eased somewhat as many euro zone officials clarified the remark that Cyprus bailout deal will be a model for euro zone countries by the European Group chair. Besides, as the US durable goods orders for February and house prices in large cities were reported above expectation, driving up the US equities, LME lead prices regained earlier losses and closed at USD 2,133/mt, down USD 4.5/mt from a day earlier. Traded volumes fell 1,478 lots to 5,041 lots, while positions increased 106 lots. LME lead inventories fell 1,500 mt to 264,475 lots.
The US dollar index rose above 83 to end at 83.2, and COMEX silver for May delivery settled at USD 28.61/oz.
On March 28, SHFE 1305 lead contract price will likely move between RMB 14,400-14,500/mt, with spot lead prices expected at RMB 14,350—14,450/mt.