SHANGHAI, Mar. 19 (SMM) – As Cyprus decided to levy tax to depositors, reigniting investors’ concerns over the European debt crisis, European equities fells sharply and the US dollar index rebounded to 82.7. In response, LME lead prices gapped lower at USD 2,214/mt Monday and hit a low of USD 2,158.5/mt before closing at USD 2,176.8/mt, down USD 45.3/mt or 2%. Trading volumes increased 3,747 lots to 7,584 lots, and holdings were up 1,763 lots. LME lead inventories fell 2,000 mt to 275,500 mt.
The US dollar index rose to 82.7, and COMEX silver for May delivery ended at USD 28.87/oz.
On March 19, SHFE 1305 lead contract price is expected to move between RMB 14,450-14,650/mt, and spot lead prices in China may be RMB 14,400-14,550/mt.