SHANGHAI, Dec. 14 (SMM) – LME lead prices overnight moved around USD 2,100/mt after opening at USD 2,106/mt. During European trading session, as Eastern European countries are closely related to the EU, Fitch downgraded its credit outlook for 4 Eastern European countries and revised down its forecast for 2012 GDP growth of the 4 countries, reflecting the deteriorating economic prospects in eurozone. As a result, the euro weakened to 11-month low, and market risk-aversion sentiment rallied. LME lead prices fluctuated down but found support at the 20-day moving average, and closed at USD 2,080/mt. LME lead prices should continue to test at USD 2,100/mt mark.
The US dollar index rose and closed at 79.56, up nearly 1%, and COMEX silver closed at USD 31.26/oz, down USD 0.26/oz.
SHFE lead prices may move between RMB 15,400-15,600/mt on Wednesday, while domestic spot prices should be RMB 15,400-15,550/mt with weak demand.