SHANGHAI, Jun. 26 (SMM) – LME lead prices overnight opened at USD 1,820/mt and rose to USD 1,842/mt briefly but met strong resistance at the 5-day moving average. Although the US new home sales rose at fastest in 2 years, market was not largely affected as most investors mainly focused on European issues. Later, as Moody’s announced to cut the long-term debt and deposit rating of 28 Spanish banks by up to four notches, LME lead prices fell to give back earlier gains and finally closed at USD 1,800.5/mt, down USD 19.5/mt. Trading volumes were up 1,864 lots to 5,993 lots, while positions were down 428 lots. LME lead inventories were up 150 mt to 351,150 mt.
The US dollar index ended at 82.44, while COMEX silver for September delivery closed at USD 27.5/oz, up USD 0.776/oz or 2.9%.
On Tuesday, SHFE lead prices are expected to move between RMB 14,750-14,880/mt, and spot lead prices should be RMB 14,850-14,950/mt.