SHANGHAI, Sept. 18 (SMM) – Overnight, LME lead met resistance at the 60-day moving average overnight with closing price down USD 14.5/mt or 0.84% at USD 1,717/mt.
LME base metals were mixed overnight. LME copper sought support from the earthquake in Chile. LME tin and nickel dropped more than LME lead and zinc.
US Fed announced to keep interest rate unchanged on the Sept.’s FOMC meeting overnight. US dollar thus ended down 1%. The delay in rate hike also triggers worries about a recovery in US economy. LME lead should move in USD 1,700-1,730/mt during Asian trading hours. SHFE 1511 lead may range between RMB 13,300-13,380/mt on Sept. 18 and RMB 13,350-13,450/mt for spot lead with both demand and supply staying weak.