SHANGHAI, Apr. 3 (SMM) – LME lead prices started at USD 2,095/mt Tuesday and moved around USD 2,100/mt during Asian trading hours. Later, as the US February factory orders increased 3%, beating forecast, the Dow Jones Industrial Average hit new high, while the US dollar tested 83. The euro zone manufacturing PMI was still weak in March, signifying the contraction of manufacturing sector, and unemployment in the euro zone climbed to 12%, posing downward pressure on non-US currencies. In response, LME lead prices fell to USD 2,052/mt, the lowest level since October 30, 2012, and closed at USD 2,056/mt, down USD 51.3/mt or 2.43% from the previous trading day. Traded volumes were down 216 lots to 6,182 lots, and positions were down 1,470 lots to around 112,000 lots.
The US dollar index rebounded to 83, and COMEX silver for May delivery fell to USD 27.22/oz, a low never seen since July 24 last year, falling USD 0.68/oz or 2.44%.
The most active SHFE lead contract price is expected to move between RMB 14,200-14,300/mt on April 3, with spot lead prices expected at RMB 14,150-14,250/mt.