SHANGHAI, Oct. 27 (SMM) – LME lead opened at USD 1,754.5/mt overnight and ranged between USD 1,745-1,767.5/mt amid mixed news, to end at USD 1,753.5/mt. Trading volumes fell 1,199 to 2,056 lots and positions dropped 1,747 to 123,472.

Worries about crude oil oversupply drove down crude oil prices and firm dollar depressed base metals. But the convening of the 5th Plenary Session of the 18th Central Committee of the CPC and China’s interest rate and RRR cut bolstered market.US Fed’s FOMC meeting will be held on Tuesday and market expect interest rate to be unchanged.

SHFE 1512 lead started at RMB 13,235/mt on Monday night and broke out above the 5-day moving average thanks to bolstering sentiment from the convening of the 5th Plenary Session of the 18th Central Committee of the CPC, to end at RMB 13,280/mt, up RMB 50/mt or 0.38%. Trading volumes fell 4,130 to 1,140 lots but positions increased 132 to 14,100.

Amid mixed news, LME lead will move in USD 1,740-1,760/mt during Asian trading hours. SHFE 1512 lead will range between RMB 13,180-13,330/mt on October 27. Lead smelters slightly increase shipment to market in China while downstream consumption stays weak. Spot lead should grow to RMB 13,300-13,450/mt.