SHANGHAI, Sept. 15 (SMM) – LME lead touched a low of USD 1,663/mt after opening at USD 1,696.5/mt on Monday, to close at USD 1,669/mt, down by USD 35/mt or 2.05%. Trading volumes grew 94 to 3,501 lots and positions increased 325 to 130,000. LME lead stocks declined 650 mt to 167,950 mt.
Overnight, economic figures from China missed forecast and Chinese A-shares posted a slid, fueling worries about a slowdown in China’s economy again. Investors stayed cautious before US Fed’s meeting on Friday.
Markets will focus on US August retail sales number and Chinese stock market should also be closely watched. With the overall bearishness in market, LME lead will stay range-bound in USD 1,650-1,675/mt during Asian trading hours. SHFE 1511 lead should fluctuate between RMB 13,150-13,250/mt and RMB 13,300-13,400/mt for spot lead.