SMM Morning Review - 2012/5/22 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/5/22 Lead Market

SMM Insight 10:15:59AM May 22, 2012 Source:SMM

SHANGHAI, May 22 (SMM) – The US dollar index fluctuated down overnight with concerns over European political risks moderated. As a result, LME lead prices rose to USD 1,980/mt during after opening at USD 1,960/mt. During European trading hours, however, since Fitch places three Cypriot banks on negative watch, LME lead prices rolled back earlier gains to finally close at USD 1,951/mt, down USD 10/mt. Trading volumes were down 874 lots to 5,194 lots, while positions were up 1,656 lots to around 114,000 lots. LME lead inventories fell to 358,000 mt, up 75 mt.

The US dollar index fell and closed at 80.97, while COMEX silver for July delivery was down USD 0.4/oz to USD 28.3/oz, down 1.39%.

On Tuesday, SHFE lead prices should be between RMB 15,150-15,300/mt, with spot lead prices expected between RMB 15,200-157,300/mt.
 

SMM Morning Review - 2012/5/22 Lead Market

SMM Insight 10:15:59AM May 22, 2012 Source:SMM

SHANGHAI, May 22 (SMM) – The US dollar index fluctuated down overnight with concerns over European political risks moderated. As a result, LME lead prices rose to USD 1,980/mt during after opening at USD 1,960/mt. During European trading hours, however, since Fitch places three Cypriot banks on negative watch, LME lead prices rolled back earlier gains to finally close at USD 1,951/mt, down USD 10/mt. Trading volumes were down 874 lots to 5,194 lots, while positions were up 1,656 lots to around 114,000 lots. LME lead inventories fell to 358,000 mt, up 75 mt.

The US dollar index fell and closed at 80.97, while COMEX silver for July delivery was down USD 0.4/oz to USD 28.3/oz, down 1.39%.

On Tuesday, SHFE lead prices should be between RMB 15,150-15,300/mt, with spot lead prices expected between RMB 15,200-157,300/mt.