SMM Morning Review - 2012/4/17 Lead Market

SHANGHAI, Apr. 17 (SMM) – LME lead prices opened at USD 2,057/mt overnight and dipped to a low of USD 2,028/mt due to the concerns triggered by debt issue in Spain and Italy. During European trading hours, as US retail sales for March were reported above expectations, LME lead prices rebounded moderately and finally closed at USD 2,085.8/mt, up USD 20.8/mt. Trading volumes dropped by 1,255 lots to 4,468 lots and positions were down 383 lots to 124,000 lots. LME lead inventories were down 725 mt to 371,875 mt.

The US dollar index closed at 79.58, and COMEX 5 month silver closed at USD 31.46/oz, down USD 0.035/oz.

On Tuesday, SHFE lead prices are expected to move between RMB 15,550-15,700/mt, while domestic spot prices may be in the RMB 15,500-15,650/mt range.