SHANGHAI, Oct. 14 (SMM) – LME lead started at USD 1,800/mt on Tuesday and then headed for losses amid overall bearish sentiment, to end at USD 1,776/mt, down by USD 29.5/mt or 1.63%. Trading volumes dropped 749 to 4,260 lots and positions decreased 922 to 125,266.
Slip in China’s imports continued to widen in September and crude oil prices slumped. Besides, German investors’ confidence declined. The slower pace of US Fed’s interest rate hike failed to support lead prices.
With overall bearishness, SHFE 1512 lead gapped lower at RMB 13,540/mt for night trading Tuesday and narrowly moved around RMB 13,550/mt, to end at RMB 13,525/mt, losing RMB 55/mt. Trading volumes decreased 4,688 to 8,60 lots and positions fell 18 to 14,770.
Overall pessimistic sentiment fuels caution in market. LME lead will move in USD 1,760-1,780/mt during Asian trading hours. SHFE 1512 lead should range between RMB 13,480-13,630/mt on October 14. Spot supply grows in China while downstream motive battery makers tend to cut production and show little interest in buying. Spot lead is likely hover between RMB 13,450-13,600/mt.