SHANGHAI, Mar. 29 (SMM) – LME lead prices opened at USD 2,132/mt Thursday and fell to USD 2,100/mt in Asian trading session due to the 3% decline in Chinese stock markets. Later, the US 4Q GDP growth was revised upward from 0.1% to 0.4%, lower than the 0.5% expected, while the initial jobless claims last week were up 21,000 to 357,000, worse than the 340,000 expected. In this context, most investors booked profits given the upcoming Easter holiday, dragging LME lead down to USD 2,093/mt, a new low for the year. Prices finally closed at USD 2,107.3/mt, down USD 25.8/mt or 1.21% from a day earlier. Traded volumes increased 1,357 lots to 6,398 lots, while positions fell 1,366 lots to around 114,000 lots. LME lead inventories fell 1,750 mt to 262,725 mt.
The US dollar index fell to end at 82.98, and COMEX silver for May delivery ended at USD 28.32/oz, down 1.01%.
On March 29, SHFE 1305 lead contract price will likely move between RMB 14,360-14,500/mt, and spot lead prices may fall along with futures prices to RMB 14,300-14,450/mt.