SHANGHAI, Jun. 8 (SMM) – LME lead prices opened at USD 1,924/mt and dipped to a low of USD 1,907/mt due to the rising US dollar index. Later, People's Bank of China announced the lowering of interest rates by 25 basis points, effective on June 8, boosting LME lead prices to touch USD 1,953/mt. However, LME lead prices surrendered earlier gains to finally close at USD 1,953/mt since Bernanke expressed no signal of further easing policy during his remarks and since Fitch lowered Spain's credit rating. Trading volumes increased by 205 lots to 3,831 lots, while positions were up 672 lots to 126,000 lots. LME lead inventories fell by 375 mt to 345,750 mt.
The US dollar index closed at 82.25, while COMEX silver for July delivery closed at USD 28.5/oz, down USD 0.96/mt, or 3.25%.
On Friday, SHFE lead prices should move between RMB 15,000-15,150/mt, while domestic spot prices may be between RMB 15,000-15,170/mt.