SHANGHAI, May 23 (SMM) – LME lead prices dropped sharply overnight since Lucas Papademos, the former prime minister of Greece, said risk still exists that Greece may leave the euro zone and since the US dollar index hit a new yearly high of 81.8. However, LME lead prices regained some earlier gains influenced by the above-expected house sales data, and closed at USD 1,952/mt. Trading volumes were down 1,112 lots to 4,082 lots, while positions were up 703 lots. LME lead inventories fell to 357,300 mt, down 700 mt.
The US dollar index hit a new yearly high of 81.8, while COMEX silver for July delivery was down USD 0.1/oz to USD 28.2/oz.
On Wednesday, SHFE lead prices should be between RMB 15,050-15,250/mt, with spot lead prices expected between RMB 15,150-15,250/mt.