SHANGHAI, Apr. 19 (SMM) – LME lead prices bottomed out Thursday but came to a low of USD 1,980/mt during Asian trading hours due to the rebound of US dollar. Later, the US initial jobless claims were reported higher than expected and the April Philadelphia Fed Manufacturing Index edged down to 1.3. The Conference Board Leading Economic Index for the US staged the first decline in seven month in March. These all hurt market confidence, but the good news from the euro zone shored up market. The Spanish bond auction of EUR 4.7 billion long-term government bonds made a success, indicating stronger demand, while Germany’s lower house of Parliament approved the rescue for Cyprus. Thus, the euro strengthened, driving LME lead to stabilize and close at USD 2,017.3/mt. Trading volumes were up 522 lots to 5,915 lots, and positions increased 68 lots. LME lead inventories increased 300 mt to 259,775 mt.
The US dollar index closed at 82.57, while COMEX silver for May delivery closed at USD 23.25/oz.
On April 19, the SHFE 1306 lead contract price is expected to move between RMB 13,600-13,800/mt, while spot lead prices may edge up to RMB 13,550-13,750/mt