SHANGHAI, Jul. 22 (SMM) – On Thursday, LME lead prices drifted lower after opening and fell to USD 2,680/mt before finding support at the 10-day moving average. During the European trading session, market concerns about the expanding European debt crisis eased due to the new bailout scheme for Greece and the European bailout fund reform. As a result, the Euro surged and the US dollar index fell below 74, hitting 73.889. In response, LME lead prices were boosted to USD 2,743/mt, but met strong resistance at higher prices, finally closing at USD 2,705/mt, down USD 5/mt. SMM expects LME lead prices to test the USD 2,700/mt mark on Friday.
In neighboring markets, the US dollar index finally settled at 73.889.
SMM expects domestic lead spot prices to be between RMB 16,900-17,100/mt on Friday.
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