SMM Morning Review - 2012/6/18 Lead Market

SHANGHAI, Jun. 18 (SMM) –With 98% of the votes counted, exit polls indicated Greece’s New Democracy party was marginally ahead of anti-bailout party, meaning the New Democracy party wins the Greek election, temporarily relieving market concerns over a Greek exit. Besides, although the US consumer confidence index was reported down, market expected this may lay the foundation for the QE3 measures by Fed. In response, the US dollar index moved down, driving LME lead prices to open higher at USD 1,935/mt overnihgt and to close at USD 1,924/mt.

The US dollar index slipped to 81.55, while COMEX silver for July delivery closed at USD 28.74/oz, up USD 0.33/oz, or 1.17%.

On Monday, SHFE lead prices are expected to be between RMB 15,100-15,300/mt, and traded prices in domestic spot market will be between RMB 15,050-15,250/mt.