SMM Morning Review - 2012/6/25 Lead Market

SHANGHAI, Jun. 25 (SMM) – LME lead prices slipped to a new low of USD 1,799/mt during Asian trading volumes after opened at USD 1,824/mt last Friday. Since the influence of Moody’s downgrade of 15 large banks faded and since leaders of Germany, France, Italy and Spain agreed to the EUR 130 billion program to promote economic growth, market sentiments were shored up. As such, non-US currencies rebounded slightly and LME lead prices stabilized to finally close at USD 1,820/mt. Trading volumes fell by 1,766 lots to 4,129 lots, and positions were up 363 lots to around 127,000 lots. LME lead inventories rose sharply by 3,975 mt to 351,000 mt.

The US dollar index closed down 0.07 to 82.22, while COMEX silver for July delivery closed at USD 26.66/oz, down USD 0.29/oz, or 1.11%.