Unexpected Hawkish Remark from Powell Weighs on Both LME and SHFE Lead Prices

Published: Mar 8, 2023 09:13

Source: SMM

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Overnight, LME lead opened at $2,111/mt, and plummeted to the lowest point at $2,072.mt due to the unexpected hawkish remark from Powell, and finally closed at $2,086.5/mt, a decrease of 0.9%.

SHANGHAI, Mar 8 (SMM) - Overnight, LME lead opened at $2,111/mt, and plummeted to the lowest point at $2,072.mt due to the unexpected hawkish remark from Powell, and finally closed at $2,086.5/mt, a decrease of 0.9%.

The most traded SHFE 2304 lead contract opened at 15,215 yuan/mt overnight and recorded a new low at 15,160 yuan/mt. Amid the considerable demand and rising lead ingot inventory, SHFE lead hovered sideways and finally closed at 15,175 yuan/mt, down 0.62%, with the open interest up 2,647 lots to 63,864 lots.

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