SMM Morning Review - 2012/5/9 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/5/9 Lead Market

SMM Insight 09:28:21AM May 09, 2012 Source:SMM

SHANGHAI, May 9 (SMM) – LME lead prices, influenced by the uncertain Greek election and François Hollande’s opposition to tighter fiscal policy, opened at USD 2,093/mt overnight and were dragged down after rising above USD 2,100/mt briefly. LME lead prices finally ended at USD 2,086/mt, down USD 19/mt. Trading volumes were down 67 lots to 4,458 lots, while positions were up 702 lots to 119,000 lots. LME lead inventories fell 1,900 mt to 356,525 mt.

The US dollar index closed at 79.9, and COMEX silver for July delivery was down USD 0.6/oz to USD 29.5/oz, a decline of 1.99%.

On Wednesday, SHFE lead prices should be move between RMB 15,630-15,750/mt, while spot lead prices are expected to move in the RMB 15,500-15,650/mt range.

SMM Morning Review - 2012/5/9 Lead Market

SMM Insight 09:28:21AM May 09, 2012 Source:SMM

SHANGHAI, May 9 (SMM) – LME lead prices, influenced by the uncertain Greek election and François Hollande’s opposition to tighter fiscal policy, opened at USD 2,093/mt overnight and were dragged down after rising above USD 2,100/mt briefly. LME lead prices finally ended at USD 2,086/mt, down USD 19/mt. Trading volumes were down 67 lots to 4,458 lots, while positions were up 702 lots to 119,000 lots. LME lead inventories fell 1,900 mt to 356,525 mt.

The US dollar index closed at 79.9, and COMEX silver for July delivery was down USD 0.6/oz to USD 29.5/oz, a decline of 1.99%.

On Wednesday, SHFE lead prices should be move between RMB 15,630-15,750/mt, while spot lead prices are expected to move in the RMB 15,500-15,650/mt range.