SHANGHAI, Nov. 3 (SMM) – LME lead started at USD 1,695/mt overnight and lurched down to USD 1,681/mt during Asian trading hours as poor US economic data triggered worries, to end down USD 2.5/mt at USD 1,696.5/mt. Trading volumes fell 1,316 to 3,057 lots but positions were up 53 to 124,145.
US ISM manufacturing index dropped for four straight months to a 6-year low, trigger worries in market.
SHFE 1512 lead opened at RMB 13,060/mt on Monday night and ranged between RMB 13,040-13,120/mt, to close at RMB 13,105/mt, down RMB 40/mt or 0.3%. Trading volumes slipped 5,618 to 1,072 lots and positions fell 136 to 11,948.
Though China’s manufacturing PMI in October slightly beat forecast, but wary sentiment remains wary. LME lead should move in USD 1,680-1,710/mt during Asian trading hours. SHFE 1512 lead meets resistance at the 60-day moving average and technical indicators point downside. Thus, SHFE lead should move between RMB 13,000-13,150/mt on November 3. In China’s spot market, lead smelters rush to sell, growing spot supply. Downstream consumption stays weak. Spot lead should trade at RMB 13,200-13,300/mt.