SHANGHAI, Nov. 9 (SMM) – LME lead started at USD 1,659.5/mt last Friday and moved around USD 1,660/mt during Asian trading hours and then moved lower to USD 1,640/mt. LME lead finally ended at USD 1,665.5/mt, up by USD 12.5/mt or 0.76%. Trading volumes fell 270 to 4,425 lots but positions grew 473 to 124,802.
US non-farm payrolls increased 271,000 in October, above the expected 182,000. As such, US dollar advanced to 99.35, which however, did not weigh down LME lead.
SHFE 1512 lead opened at RMB 13,035/mt for night trading last Friday and moved around RMB 13,000/mt, to end at RMB 12,985/mt. Trading volumes dropped 3,476 to 672 lots and positions declined 32 to 10,186.
US dollar gets a boost due to upbeat US economic figures. And China’s imports and exports denominated with dollar miss forecast in October. Bearishness looms market. LME lead should move USD 1,650-1,670/mt during Asian trading hours. SHFE 1512 lead will range between RMB 12,920-13,060/mt on November 9. In China’s spot market, downstream buyers favor cheap goods and spot lead will trade at RMB 13,100-13,200/mt.