SMM Morning Review - 2012/5/15 Lead Market

SHANGHAI, May 15 (SMM) – Given the worsening situation in Greece and China’s economic slowdown, LME lead prices opened at USD 2,085/mt overnight and fluctuated down to USD 2,026/mt to finally close at USD 2,034/mt , down USD 33/mt or 1.6%. Trading volumes were up 332 lots to 3,807 lots, while positions were down 1,521 lots to around 114,000 lots. LME lead inventories fell to 352,275 mt, down 250 mt.

The US dollar index closed at 80.65 after hitting a high of 80.73, and COMEX silver for July delivery was down USD 0.49/oz to USD 28.4/oz, a decline of 1.7%.

On Tuesday, SHFE lead prices should be between RMB 15,450-15,650/mt, while spot lead prices are expected to be between RMB 15,400-15,550/mt.