SHANGHAI, Jun. 27 (SMM) – LME lead prices overnight opened at USD 1,799/mt and moved weakly. Later, as market doubted whether the upcoming EU summit could achieve any actual progress and as US Consumer Confidence Index for June fell for the fourth month, coupled with climbing short-term financing costs in Spain and Italy, LME lead prices hit a new low for the year to USD 1,760/mt and finally closed at USD 1,769.8/mt, down USD 30.8/mt or 1.7%. Trading volumes were down 138 lots to 5,855 lots, and positions were up 3,446 lots to 130,000 lots. LME lead inventories dropped 375 mt to 350,775 mt.
The US dollar index closed at 82.4, while COMEX silver for September delivery closed at USD 27.1/oz, down USD 0.397/oz, or down 1.44%.
On Wednesday, SHFE lead prices should move between RMB 14,500-14,800/mt, with domestic spot prices expected between RMB 14,750-14,850/mt.