SHANGHAI, Nov. 8 (SMM) – LME lead prices overnight fluctuated downward after opening at USD 2,049/mt. Political and economic turmoil in Italy caused concerns that European debt crisis might spread to the country. Besides, the meeting of Eurozone finance ministers has not achieved any substantial results apart from urging Greece and Italy to adopt tight fiscal policies. As a result, LME lead prices fell to touch the USD 1,975/mt low during European trading session. Later, executive board member of European Central Bank (ECB) predicted the region's debt crisis would be controlled within two years. Thus, US stocks recovered due to optimistic sentiment, boosting LME lead prices to rise and to retake early losses, with prices closed at USD 2,020/mt, down 1.35%. Despite improvement in Greek politics, Italian debt issues will become a major concern. Coupled with Italian budget vote to be held on Tuesday, there will exist many uncertainties in the market. LME lead prices should move between USD 2,000-2,050/mt.
The US dollar index surged up, hitting 77.39, but fell down later, and finally closed at 77.01.
SHFE lead prices may move at RMB 15,200-15,600/mt, and domestic spot lead prices should be RMB 15,300-15,450/mt on Tuesday, with modest transactions.