SHANGHAI, Jul. 21 (SMM) – On Monday, LME lead opened Asian trading hours at USD 1,849/mt. Then at 9:30, gold prices hit a 5-year low due to tumbling net long positions as Yellen’s speech raised hopes for interest rate hike this year. LME lead was thus depressed to USD 1,808/mt.
During European trading hours, LME lead fluctuate between USD 1,810-1,825/mt and ended at USD 1,813.5/mt, down USD 20/mt. Trading volumes grew 101 to 2,870 lots whereas positions fell 925 to 129,391. LME lead stocks dropped 1,100 mt to 216,800 mt.
SHFE lead was slow to slip thanks to output cut in Henan and growth in battery prices. SHFE 1510 lead started at RMB 12,920/mt during evening session Monday and closed up RMB 10/mt at RMB 12,940/mt.
LME lead should test support at USD 1,800/mt and move between USD 1,795-1,825/mt today. SHFE 1510 lead is expected to fluctuate between RMB 13,050-13,200/mt and RMB 13,250-13,350/mt for spot lead.