SMM Morning Review - 2012/5/29 Lead Market

SHANGHAI, May 29 (SMM) – LME lead prices overnight opened at USD 1,955/mt and remained relatively stable as some markets in the US were closed for holiday. During European trading session, Spanish 10-year government bond yield surged to a new yearly high of 6.47%, in response, Moody’s cut rating for 16 Spanish banks. LME lead prices were weighed down as a result and closed at USD 1,942/mt. Trading volumes were down 1,317 lots to 871 lots, and positions increased by 272 lots. LME lead inventories were up 3,600 mt to 352,800 mt.

The US dollar index continued to rise and closed at 82.32, while COMEX silver July delivery ended USD 28.39/oz.

On Tuesday, SHFE lead prices should be between RMB 15,100-15,300/mt, with spot lead prices expected between RMB 15,150-15,300/mt.