SHANGHAI, Aug. 18 (SMM) – LME lead advanced to USD 1,754/mt after opening Asian trading hours at USD 1,747.5/mt. But LME lead dipped to USD 1,720.5/mt during European and US trading hours with dollar going up further, to close at a low of USD 1,720.5/mt, down by USD 32/mt. Trading volumes were up 174 to 2,438 lots and positions grew 368 to 129,035.
SHFE 1510 lead opened Monday evening with a negative gap at RMB 13,310/mt and fell back after touching RMB 13,370/mt, to end at RMB 13,320/mt, up RMB 40/mt. Longs reduced for SHFE 1509 lead and shorts grew for SHFE 1510 lead, boding ill for lead prices.
Markets expect LME lead to narrowly move between USD 1,720-1,760/mt on Aug. 18. SJHFE 1510 lead may fall to RMB 13, 250-13,380/mt and RMB 13,250-13,400/mt for spot lead.