SHANGHAI, Nov. 10 (SMM) – LME lead opened at USD 1,663.5/mt overnight and moved higher to USD 1,670.5/mt during Asian trading hours. LME lead then moved around USD 1,660/mt and closed at USD 1,649/mt. Trading volumes dropped 1,680 to 2,745 lots with positions down 2,062 to 122,740.
US LMCI figures in October turned out to be upbeat, boosting expectation for US Fed’s interest rate hike this year. This supported dollar.
SHFE1601 lead started at RMB 12,930/mt for night trading Monday and rallied slight after slipping to RMB 12,890/mt with closing price at RMB 12,910/mt. Trading volumes declined 1,434 to 664 lots whilst positions grew 228 to 10,262.
Markets will focus on China’s CPI and PPI figures on Tuesday and lead prices will not get a boost from those figures. LME lead will move in USD 1,635-1,655/mt during Asian trading hours. SHFE 1601 lead should fall to RMB 12,850-12,990/mt on November 10 with technical indicators pointing downside. Downstream consumption remains anemic and trading activities are weak. Spot lead will drop to RMB 13,050-13,200/mt.