SHANGHAI, Sept. 16 (SMM) – Overnight, LME lead regained early day’s most losses and finally closed at USD 1,697.5/mt with USD 28.5/mt or 1.71% gain. Trading volumes fell 53 to 3,448 lots while positions increased 1,603 to 132,000. LME lead stocks decreased 1,175 mt to 166,775 mt.
Market attention should be paid to inflation data from the US and Europe and Chinese stock market. Market sentiment will keep wary. LME lead should be in USD 1,680-1,700/mt during Asian trading hours. SHFE 1511 lead will fluctuate between RMB 13,280-13,380/mt on Sept. 16. In China, demand for lead stays soft and downstream buyers do not accept seller’s price offers and may keep watching. Thus, spot lead should be offered at RMB 13,350-13,450/mt.