SHANGHAI, Jul. 10 (SMM) – LME lead prices overnight opened at USD 1,850/mt and moved weakly around USD 1,860/mt due to a lack of influential news in the market. During European trading hours, the US dollar index fell to 83, coupled with short covering before the close, LME lead prices picked up to end at USD 1,881/mt, regaining the losses suffered last Friday. Trading volumes dropped 710 lots to 2,729 lots, and positions were down 1,627 lots to around 134,000 lots. LME lead inventories fell 1,150 mt to 347,325 mt.
The US dollar index fluctuated down but gained strong support at 83 to finally close at 83.1. COMEX silver for September delivery closed at USD 27.27/oz, up USD 0.355/oz, or up 1.3%.
On Tuesday, SHFE lead prices are expected to be RMB 14,800-15,000/mt, while spot lead prices should be between RMB 14,850-15,000/mt.