SHANGHAI, Feb. 25 (SMM) – LME lead overnight consolidated at USD 1,760/mt and closed up USD 6/mt, or 0.34% at USD 1,770/mt. Trading volumes for three-month lead on the London Metal Exchange gained 828 lots to 2,904 lots, while positions increased 806 to 122,000. LME lead inventories added 1,175 mt to 212,700 mt.

Greece and the euro zone finance ministers agreed on a four-month extension on Greece’s bailout plan. The Greek government submitted a reform and budget plan on Tuesday. This indicates that Greece has temporarily emerged from defaulting risks, which soothed market concern slightly.

The US Federal Reserve chairwoman Janet Yellen revealed that the Federal Open Market Committee (FOMC) will not raise interest rates in the next few meetings, sending US stocks higher across the board.

US S&P/CS20 home price index rose 4.46% YoY in December, a rise higher than expectations and November. The euro zone’s final CPI decreased 0.6% in January, hitting the lowest since 1999.

The US dollar index edged up 0.39%, while the euro fell 0.01% versus the greenback during the Chinese New Year holiday. European and US stocks ended higher. LME base metals were mixed.

LME lead will consolidate at USD 1,760/mt and move between USD 1,760-1,795/mt on Wednesday. The most active SHFE 1504 lead contract is expected to test support at RMB 12,225/mt and hover at RMB 12,300-12,420/mt. Spot lead prices in China should range between RMB 12,400-12,500/mt.