SHANGHAI, Jun.5 (SMM) – LME lead opened at USD 1,946.5/mt during Asian trading hours and moved around USD 1,940-1,945/mt later. But LME lead fell because of positive US data and rising Greece crisis during European and US trading hours, to dip to RMB 1,923/mt. Finally, LME lead ended down USD 20/mt at USD 1,929/mt. Trading volumes fell 662 to 2,681 lots with positions down 3,241 to 147,490/mt. LME inventories dropped 825 to 156,325 mt as longs exited market.
SHFE 1508 lead started Thursday night at RMB 13,205/mt and closed down RMB 70/mt at RMB 13,145/mt with the low-end price at RMB 13,260/mt.
US initial jobless claims slipped 8,000 to 276,000 early last week, below 300,000 for three weeks and with 279,000 expected. The previous value was revised as 284,000, driving dollar up and metals down.
The Bank of England left benchmark interest rate of 0.5% and Quantitative Easing scale of £ 375 billion unchanged.
Greece debt crisis still overshadowed market. That, together with longs’ profit-taking pulled the euro down.
Worries whether OPEC’s will announce oil output cut tomorrow grew. Thus, US crude oil finished down 3%, a 5-day low.
US dollar index rose 0.22% while euro was down 0.33%. European and US stocks tumbled across the board. Chinese stocks fluctuated. LME base metals all dropped with copper, lead and zinc over 1%.
LME lead should mover between USD 1,900-1,940/mt today. SHFE 1508 lead may fluctuated between RMB 13,050-13,200/mt and spot lead RMB 13,550-13,650/mt.