SHANGHAI, May 18 (SMM) –Fitch downgraded Greece’s credit rating to CCC from B-, while Moody’s downgraded ratings for 16 Spanish banks. With pessimism prevailing in the market, LME lead prices kept falling after opening at USD 1,970/mt overnight and hit a low of USD 1,925/mt to finally close at USD 1,938.8/mt, down USD 21.3/mt or 1.08%. Trading volumes were up 378 lots to 8,377 lots, while positions were down 125 lots. LME lead inventories fell to 358,975 mt, down 50 mt.
The US dollar index closed at 81.5, and COMEX silver for July delivery was up USD 0.8/oz to USD 28/oz, an increase of 2.9%.
On Friday, SHFE lead prices should be between RMB 15,250-15,450/mt, with spot lead prices expected between RMB 15,250-15,350/mt.