SHANGHAI, Mar. 25 (SMM) – LME lead sank to a low of USD 2,160/mt after opening at USD 2,173/mt last Friday. Markets worries that Cyprus may default eased after the country reached an agreement for the Greek Piraeus Bank to acquire Cypriot banks' branches operating in Greece. In this context, LME lead closed 21.8 cents/mt higher at USD 2,195/mt. Trading volumes decreased 1,385 lots to 3,063 lots, while positions increased 125 lots to 115,000 lots. LME lead inventories were down 1,500 mt to 2,68,475 mt.
In other markets, the US dollar fell to close at 82.37. COMEX silver for May delivery gave gains, closing 48.7 cents/oz or 1.67% lower at USD 28.73/oz.
LME lead should move within USD 2,170-2,200/mt during the Asian session on Monday. SHFE 1305 lead contract prices will open slightly higher, with prices between RMB 14,500-14,650/mt. In spot lead market, downstream producers will purchase as needed, with spot lead prices expected between RMB 14,400-14,550/mt.