SHANGHAI, Sept. 10 (SMM) – LME lead started Asian trading hours at USD 1,690/mt with extending optimistic sentiment in market and once advanced to USD 1,718.5/mt during European and US trading hours. However, the 3-month contract fell back in response to firmer US dollar before ending USD 24/mt higher at USD 1,713/mt. Trading volumes increased 504 to 3,997 lots but positions declined 748 to 130,132. LME lead inventories posted a drop of 1,925 mr to 170,325 mt.
SHFE 1511 lead once drifted higher to RMB 13,410/mt after starting Wednesday evening session at RMB 13,320/mt, to ended up RMB 20/mt at RMB 13,345/mt. With growing sell-off pressure on SHFE lead, the SMM/LME lead price ratio slid to 7.8 from above 8.
Market attentions will focus on economic data from China on Thursday, including CPI, PPI, M2 supply, etc.
LME lead meets resistance at the 40-day moving average despite upbeat technical indicators. LME lead should move in USD 1,700-1,730/mt on Sept. 10. SHFE 1511 lead may fluctuate between RMB 13,280-13,420/mt and RMB 13,350-13,500/mt for spot lead.