SHANGHAI, Jul. 25 (SMM) – LME lead prices opened at USD 1,862/mt overnight and moved up to USD 1,875/mt during Asian trading hours boosted by the positive July PMI data for China. However, Spain’s government bond yields surged overnight, adding to concerns that the country will apply for a full bailout. Besides, Greece might not be able to achieve its target for debt reduction, market feared Greece would need to another debt restructuring, raising risk aversion. Thus, LME lead prices fluctuated down to close at USD 1,854/mt.
The US dollar index closed at 83.98, the highest closing level since 2010. COMEX silver for September delivery closed at USD 26.81/oz, down USD 0.19/oz.
On Wednesday, SHFE lead prices are expected to move between RMB 14,750-14,900/mt, and spot lead prices should be RMB 14,850-14,950/mt.