SHANGHAI, Nov. 17 (SMM) – LME lead started at USD 1,607/mt overnight and moved around USD 1,610/mt after touching USD 1,617/mt during Asian trading hours. But during European and US trading hours, LME lead fell back due to wary sentiment after Pairs attacks and ended at USD 1,595/mt, falling USD 13/mt or 0.81%.
SHFE lead opened lower at RMB 12,495/mt and closed down RMB 225/mt or 1.78% at RMB 12,395/mt with the session low at RMB 12,355/mt due to growing shorts, a 4-month low. Trading volume fell 1,916 to 3,802 lots while position were up 232 to 12,724.
Eyes will be on US CPI in October today that should beat or be flat with September’s level. US dollar will keep moving at highs, weighing on base metals. LME lead will move in USD 1,580-1,605/mt during Asian trading hours. SHFE 1601 lead will range between RMB 12,300-12,500/mt on November 17. In China’s spot market, some downstream producers start to build stocks and overall demand remains slack. Spot lead will fall to RMB 12,850-12,950/mt.
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