SHANGHAI, Sept. 22 (SMM) – LME lead moved steadily in USD 1,670-1,680/mt after opening Asian trading hours at USD 1,678.5/mt. During European trading hours, LME lead drifted higher to USD 1,707/mt, to close at USD 1,704/mt, up USD 20.5/mt. Trading volumes fell 228 to 4,110 lots and positions declined 611 to 122,512. LME lead inventories grew 475 mt to 165,450 mt.

SHFE 1511 lead once moved higher to RMB 13,245/mt after opening Monday evening session at RMB 13,190/mt, to end at RMB 13,210/mt, rising RMB 40/mt.

LME lead should move in a tight range of USD 1,700-1,720/mt during Asian trading hours. For SHFE futures contracts on lead, its trading margin requirements rise from 5% to 8%, and its price limits from 4% to 6%. This will curb investors’ interest in buying SHFE lead. Thus, SHFE 1511 lead may hover between RMB 13,180-13,280/mt in Sept. 22 and RMB 13,300-13,400/mt for spot lead.