SHANGHAI, Jun. 6 (SMM) – LME lead prices started Wednesday at USD 2,235/mt and fluctuated upward along with other base metals during Asian trading hours. Later, the US ADP employment was reported at 135,000, higher than the previous level of 119,000 but below the 170,000 expected. The US dollar index thus continued to slip, and LME lead prices hit an intraday high of USD 2,259.3/mt. However, the US equities fell over 1%, limiting the increase in LME lead, with prices giving back earlier gains to close at USD 2,230/mt, down USD 5.5/mt. Trading volumes fell 566 lots to 5,757 lots, and positions increased 2,369 lots to about 116,000 lots. LME lead inventories fell 3,150 mt to 210,400 mt. Market will focus on June’s interest rate policy of the Bank of England and the jobless claims in the US Thursday. 

 

The US dollar index closed at 82.55. COMEX silver for July delivery kept vacillating with resistance at the 20-day moving average to finally end at USD 22.47/oz. 

 

On June 6, SHFE 1307 lead contract price is expected to move between RMB 14,070-14,160/mt, and spot lead prices may be RMB 13,850-14,000/mt.