SHANGHAI, Jul. 18 (SMM) – LME lead prices moved around USD 1,900/mt during Asia trading hours overnight with market remaining cautious prior to Bernanke’s testimony. During European trading hours, expectations on implementation of QE3 measures fell through, LME lead prices dropped rapidly to USD 1,880/mt but later regained some earlier losses boosted by equity markets to finally close at USD 1,894/mt. Trading volumes were up 273 lots to 3,313 lots, and positions were down 4,589 lots to around 128,000 lots. LME lead inventories were up 200 mt to 343,175 mt.
The US dollar index closed at 83.03, and COMEX silver for September delivery closed at USD 27.27/oz.
On Wednesday, SHFE lead prices should move between RMB 14,900-15,100/mt, while spot lead prices were traded between RMB 15,000-15,100/mt.