SHANGHAI, Jul. 4 (SMM) – LME lead prices opened at USD 2,084/mt and moved widely between USD 2,060-2,090/mt Wednesday to finally close at USD 2,083.5/mt. Traded volumes fell 625 lots to 4,542 lots, while positions slipped 389 lots to 119,000 lots. During Asian trading hours, the declines in Asian stock markets and signals on a Portugal crisis dampened market sentiment, sending LME lead to a low of USD 2,061.5/mt. Later, the US data were reported mixed. ADP employment outran the 160,000 expected to hit 188,000, and initial jobless claims last week were slightly lower than expected at 343,000. However, the US foreign trade data missed forecasts, and ISM non-manufacturing index was also worse than the 54 expected. As investors’ opinions on market outlook were divided, the falling US dollar failed to give a boost to lead prices, with LME lead only holding steady.
The US dollar index pulled back to 83 and finally ended at 83.2 overnight, and COMEX silver for September delivery closed USD 0.36/oz or 1.86 % higher at USD 19.7/oz.
On Thursday, the SHFE 1309 lead contract price should move between RMB 13,920-13,980/mt, and spot lead prices are expected to stay at RMB 13,700-13,800/mt.