SHANGHAI, Aug. 20 (SMM) – LME lead touched a low of USD 1,680.5/mt overnight after starting at USD 1,691/mt. During Asian trading hours, China’s A-shares rallied and dovish speech of US Fed’s officials sent dollar down. Hence, LME lead hovered at highs between USD 1,690-1,712/mt during European and US trading hours, to close at USD 1,700/mt, up USD 15.5/mt or 0.92%. Trading volumes grew 605 to 3,796 lots while positions decreased 2,048 to 126,503.
SHFE 1510 lead started at RMB 13,300/mt and once drifted higher to RMB 13,375/mt. But later the contract fell to RMB 13,260/mt as longs exited market and ended the session at RMB 13,305/mt, rising RMB 160/mt.
LME lead should remain range-bound between USD 1,680-1,710/mt on Aug. 20. SHFE 1510 is predicted to fluctuate on the strong side between RMB 13,250-13,400/mt and spot lead should follow SHFE lead prices up RMB 75/mt to RMB 13,250-13,400/mt.