SHANGHAI, Mar. 26 (SMM) – LME lead prices began at USD 2,192/mt and hovered below USD 2,200/mt during Asian trading hours on Monday. Investors' concerns over the asset losses were then fueled by rumor that the Cyrus banking restructuring program will be the model for other euro zone countries. The euro thus hit a new low since November 22, 2012 against the dollar. Although the rumor was denied later by the Chief of European Group, market players remained bearish. That, in combination of the rising US dollar, drove LME lead prices to dip a low of USD 2,175/mt and to end USD 11/mt lower at USD 2,184/mt with support at the 5-day moving average. Trading volumes were down 461 lots to 3,711 lots, while positions fell 2,416 lots to around 114,000 lots. LME lead inventories were down 1,500 mt to 269,975 mt.
The US dollar index closed at 82.85, and COMEX silver for May delivery closed up USD 0.09/oz at USD 28.82/oz.
On Tuesday, SHFE 1305 lead contract price will likely move between RMB 14,400-14,550/mt, with spot lead prices expected at RMB 14,400-14,550/mt.