SMM Morning Review - 2012/5/24 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/5/24 Lead Market

SMM Insight 10:07:34AM May 24, 2012 Source:SMM

SHANGHAI, May 24 (SMM) – LME lead prices hit a low of USD 1,906/mt after opening at USD 1,945/mt since EU meeting made no substantial progress and the US dollar index rose above 82. However, as the existing home sales for April reached two-year high, LME lead prices stopped falling and finally closed at USD 1,933/mt. Trading volumes were up 1,005 lots to 5,087 lots, while positions were up 578 lots. LME lead inventories fell to 353,450 mt, down sharply by 3,850 mt.

The US dollar index closed at 82.14, while COMEX silver for July delivery was down USD 0.7/oz, or 2.84%, to USD 27.5/oz.

On Thursday, SHFE lead prices should be between RMB 15,000-15,200/mt, with spot lead prices expected between RMB 15,150-15,250/mt.

SMM Morning Review - 2012/5/24 Lead Market

SMM Insight 10:07:34AM May 24, 2012 Source:SMM

SHANGHAI, May 24 (SMM) – LME lead prices hit a low of USD 1,906/mt after opening at USD 1,945/mt since EU meeting made no substantial progress and the US dollar index rose above 82. However, as the existing home sales for April reached two-year high, LME lead prices stopped falling and finally closed at USD 1,933/mt. Trading volumes were up 1,005 lots to 5,087 lots, while positions were up 578 lots. LME lead inventories fell to 353,450 mt, down sharply by 3,850 mt.

The US dollar index closed at 82.14, while COMEX silver for July delivery was down USD 0.7/oz, or 2.84%, to USD 27.5/oz.

On Thursday, SHFE lead prices should be between RMB 15,000-15,200/mt, with spot lead prices expected between RMB 15,150-15,250/mt.