SHANGHAI, Nov. 5 (SMM) – LME lead started at USD 1,693/mt overnight and hovered around USD 1,700/mt. Later, LME lead fell back due to firmer dollar and ended down USD 15/mt or 0.89% at USD 1,679/mt. Trading volumes grew 447 to 3,519 lots and positions were up 248 to 124,293.

SHFE 1512 lead once lurched up to RMB 13,290/mt due to Chinese stock rally during daytime after opening Wednesday night session at RMB 13,175. Nonetheless, the contract posted a slip responding to falling crude oil prices and stronger dollar and closed at RMB 13,100/mt. Trading volumes declined 2,232 to 1,238 lots and positions dropped 172 to 11,164.

Upbeat economic data from US and hawkish tone of Yellen’s speech boost the case for rate hike, supporting dollar. Besides, crude oil prices decrease, curbing lead prices. LME lead will move in USD 1,665-1,690/mt during Asian trading hours. SHFE 1512 lead should range between RMB 13,050-13,200/mt on November 5. Market activities decline in China’s spot market and downstream demand remains sluggish. Spot lead is expected to fall to RMB 13,150-13,300/mt.