SHANGHAI, Nov. 25 (SMM) – European debt issue was yet to be resolved, and Fitch Ratings downgraded ratings for Portugal from BBB- to BB+ with negative outlook, global economy was depressed on the whole, bringing strong fears to the market. US financial market was off overnight for Thanksgiving Day, with few transactions done in LME lead market, during European trading session. LME lead prices should test USD 2,000/mt repeatedly today.
Trading volumes of LME lead reduced 41%, but pressure from shorts selling remained, dragging down LME lead prices to nearly USD 2,000/mt with failure for rebound. Prices closed at USD 2,015/mt finally, down 0.86%. Positions increased by 7,946 lots to 947,697 lots, and inventories decreased by 3,075 mt to 4,565,300 mt according to latest report.
On Friday, SHFE lead prices should move between RMB 15,000-15,450/mt, and domestic spot price should be RMB 15,150-15,400/mt.