SHANGHAI, Sept. 14(SMM) – Last Friday, LME lead started at USD 1,725.5/mt and then fluctuated around USD 1,725.5/mt during Asian trading hours. But the 3-month contract slid during European and US trading hours before ending down USD 22/mt or 1.27% at USD 1,704/mt. Trading volumes grew 132 to 3,407 lots and positions were up 1,847 to 130,000. LME lead stocks decreased 150 mt to 168,600 mt.
Market sentiment stays wary before the holding of US Fed’s meeting on Friday. LME lead should test support at USD 1,700/mt and move in USD 1,690-1,710/mt during Asian trading hours. SHFE 1511 lead may fluctuate between RMB 13,250-13,350/mt on Sept. 14. Spot lead in China will be negatively affected by falling SHFE lead prices and soft demand and thus is likely to fall to RMB 13,350-13,450/mt.