SHANGHAI, Sept. 25 (SMM) – LME lead started at USD 1,689/mt overnight and then moved stably around USD 1,690/mt. During European trading hours, LME lead challenged USD 1,700/mt but later US dollar strengthened as Yellen noted that US Fed will raise interest rate in 2015. In response, LME lead dived to USD 1,676/mt before ending at USD 1,690.5/mt, up USD 2.5/mt. Trading volumes rose 211 to 4,433 lost and positions increased 245 to 122,535. LME lead stocks decreased 300 mt to 164,450 mt.
SHFE 1511 lead opened Thursday evening session at RMB 13,245/mt and once drifted higher to RMB 13,315/mt, to close at RMB 13,275/mt, up RMB 60/mt.
Investors will exit market to seek safety ahead of holiday with market lacking major reports. LME lead will move in USD 1,680-1,710/mt during Asian trading hours in response to LME zinc. SHFE 1511 lead should follow SHFE zinc to move at highs between RMB 13,230-13,350/mt on Sept. 25 due to news of improved fundament. In China’s spot market, large industrial producers start pre-holiday stocking, tightening spot supply. Hence, spot lead is likely to range between RMB 13,350-13,450/mt.