SHANGHAI, Oct. 21 (SMM) – China released a slew of economic data in Asian trading hours, among which Chinese Q3 GDP drew the most attention, rising to 7.8% from Q2’s 7.5%. Despite this, LME lead prices dropped to test its support at the 250-day moving average after starting at USD 2,175/mt, dipping as low as USD 2,164/mt. During the European and US trading session, LME lead prices consolidated in USD 2,170-2,190/mt range and finally ended at USD 2,170/mt, down USD 1.5/mt. Trading volumes contracted by 1,212 lots to 4,787 lots, while positions gained by 1,199 lots to 121,304 lots. LME lead inventories shrank by 200 mt to 232,825 mt.
The US dollar index closed basically flat at 79.62, while the COMEX silver contract for December delivery finished at USD 21.95/oz, down USD 000.2/oz.
Markets will mostly remain calm on Monday, while the news that some products will trade by T+0 model in China’s A-shares will possibly give a boost to the market. LME lead prices will fluctuate between USD 2,165-2,190/mt, while SHFE lead prices are expected in RMB 14,350-14,450/mt range. In Shanghai spot lead market, prices will be flat at RMB 14,150-14,250/mt on Monday.