SHANGHAI, Jul. 3 (SMM) – LME lead prices started at USD 2,082/mt Tuesday, and crossed above USD 2,100/mt to hit USD 2,108/mt, but resistance at the 30-day moving average remained strong. The US IBD/TIPP Economic Optimism Index was only 47.1 in July, falling behind expectation and previous level. Three major US equities dropped and the US dollar kept climbing to hit a new high of 83.6, dragging LME lead prices to fall to USD 2,081/mt, down USD 8/mt. Trading volumes increased 888 lots to 5,167 lots, and positions were down 3 lots. The US trading market is expected to be quiet as the market will be closed for Independence Day Thursday, and major economic data, including jobless claims last week and ADP employment data, will be released on Wednesday.
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