SHANGHAI, Jul. 24 (SMM) – LME lead prices fell to USD 1,851/mt after opening at USD 1,887/mt overnight due to concerns that Spain may need a full sovereign bailout and the downgrade of German rating by Moody’s. During European trading hours, since Spain banned short-selling on all stocks for three months and Italy banned short sales of stocks in the financial sector for a week, LME lead prices were buoyed to finally close at USD 1,865.5/mt, down USD 24.5/mt. Trading volumes on LME were down 700 lots to 4,046 lots, and positions were down 217 lots to 121,520 lots. LME lead inventories fell 1,975 mt to 336,350 mt. Market may focus on the release of China’s July PMI and the July PMI in German and euro zone, as well as the issuance of Spain’s treasury. Besides, Canadian retail sales data for May and US July manufacturing PMI will be released during US trading hours.
The US dollar index closed at 83.77 after hitting 83.999, and COMEX silver for September delivery was settled at USD 27/oz.
On Tuesday, SHFE lead prices should move between RMB 14,750-14,900/mt with spot lead prices expected at RMB 14,900-15,050/mt.