SMM Lead Market Morning Review (2015-10-8)

SHANGHAI, Oct. 8 (SMM) – LME lead consolidated support at USD 1,625/mt on Wednesday and closed up USD 49/mt or 3.01% at USD 1,676/mt.

Asian, European and US stocks increased cross the board during China’s Nation Day holiday, mirroring an improved sentiment. This supported base metal prices.

There were no transactions for SHFE lead on Wednesday evening due to the week-long holiday.

Chinese investors will enter market on Thursday and markets will focus on US initial jobless claim data early last week and the Bank of England’s interest rate resolution today. As such, LME lead is predicted to move between USD 1,660-1,690/mt during Asian trading hours. SHFE 1511 lead will swing in RMB 13,350-13,500/mt on Thursday and spot lead should fluctuate between RMB 13,400-13,550/mt.