SHANGHAI, Apr. 25 (SMM) – LME lead prices rose above the 5 and 10-day moving averages after opening at USD 2,010/mt overnight to regain all losses since last Thursday. The sharp increase in Shanghai Composite Index and SHFE copper prices lifted market confidence, driving LME lead to climb to USD 2,040/mt in Asian trading session. Later, although the US durable goods orders deteriorated to -5.7% in March, the biggest decline in seven months, the falling US dollar lent certain support to lead prices. Thus, LME lead prices closed at USD 2,044.3/mt, up USD 36/mt or 1.79% from the previous trading day. Traded volumes fell 2,229 lots to 2,636 lots, while holdings fell 647 lots to around 114,000 lots. LME lead inventories also edged down 25 mt to 258,800 mt.
The US dollar index fell below 83 to close at 82.9, and COMEX silver for July delivery fell after rising initially and ended at USD 22.88/oz.
On Thursday, the most active SHFE 1306 lead contract price may move between RMB 13,700-13,900/mt, with spot lead prices expected at RMB 13,750-13,850/mt. The stabilizing lead prices may help improve downstream demand.