SHANGHAI, Apr. 26 (SMM) – LME lead prices opened at USD 2,048/mt Thursday and moved narrowly in the Asian trading hours. However, as the UK GDP growth for Q1 was well above expectation at 0.6%, the sterling gained nearly 200 points, driving LME lead to fluctuate up. The US initial and continuing jobless claims were reported below forecast and previous levels, shoring up market confidence. In response, LME lead prices continued to rally to close at USD 2,075/mt, up USD 30.8/mt or 1.5%. Traded volumes increased 1,419 lots, to 4,055 lots, while positions increased 1,006 lots. LME lead inventories fell 350 mt to 258,450 mt.
The US dollar index tested the 5-day moving average and closed lower at 82.76, while COMEX silver for July delivery rose USD 1.3/oz or 5.7% to USD 24.18/oz.
SHFE 1306 lead contract price may open higher to move between RMB 13,850-14,000/mt on Friday, with spot lead expected at RMB 13,800-13,950/mt.