SHANGHAI, Feb. 22 (SMM) – LME lead prices overnight opened at USD 2,070/mt. During Asian trading hours, as European finance ministers reached an agreement on the second round of Greek bailout loans, agreeing to offer EUR 130 billion in aid. The significant progress in the Greek debt issue raised market confidence, and LME lead prices rose accordingly. Later, LME lead prices continued to increase and touched a high of USD 2,118/mt but met resistance at the 10-day moving average with prices finally closed at USD 2,112.3/mt, up USD 38.3/mt or 1.84%. Traded volumes increased by 2,535 lots to 4,364 lots, and positions were up 458 lots to 111,000 lots. LME lead inventories were down 1,850 mt to 375,975 mt.
The US dollar index closed at 79.11, down 0.03. COMEX 5 month silver closed at USD 34.5/oz, up USD 0.86/oz or 2.54%.
On Wednesday, SHFE lead prices are expected to move between RMB 15,700-16,000/mt, domestic spot prices should be between RMB 15,700-15,850/mt.