SHANGHAI, Apr. 8 (SMM) – LME lead prices opened at USD 1875/mt during Asian trading hours, reaching as high as USD 1,885/mt. Euro zone March PMI was 54, falling short of the 54.1 in February. The US dollar index jumped, weighing on LME lead prices to as low as USD 1,880/mt. During European and US trading hours, US February job vacancy numbers were 5.15 million, pointing to a positive US job market. IBD’s April Business Optimism Index for the US topped market expectations and March, driving up the US dollar index. However, LME lead prices increased and touched as high as USD 1,912/mt, and closed at USD 1,899/mt, up USD 20/mt. Trading volumes increased 596 to 4,926 lots, and total positions grew 1,428 to 138,598. LME lead inventories fell 1,050 to 231,375.
SHFE 1506 lead contract prices opened at RMB 12,725/mt Tuesday evening, and closed at RMB 12,745/mt, up RMB 80/mt.
LME lead prices should test USD 1,900/mt today. SHFE 1506 lead contract prices will hover between RMB 12,700-12,840/mt, with spot lead prices in Shanghai between RMB 12,600-12,750/mt.