SHANGHAI, Jun. 25 (SMM) – LME lead started at USD 1,799.5/mt during Wednesday evening session and then moved above USD 1,800/mt. But the metal touched a low of USD 1,783/mt on sell-offs near midnight, to end at USD 1,791/mt, down USD 3.5/mt or 0.2%. Trading volumes of LME lead fell 588 to 3,529 lots with positions down 979 to 138,910. LME lead stocks grew 175 to 171,575.
Greece failed to strike a deal with its creditors yesterday, fueling markets risk aversion.
Major reports were absent. US annualized GDP in Q1 dropped 0.2% QoQ. EIA crude oil inventories slipped 4.934 million bbls, which was still near the same period’s highest level in the past 80 years. Also, gasoline increased 0.68 million bbls and refined oil inventories were up 1.837 million bbls. US crude oil and Brent oil prices dropped.
US dollar index saw a decline of 0.16% to 95.248. Most European and US stocks posted a drop. LME copper finished up but other LME metals slipped.
LME lead may fell below USD 1,800/mt again today. SHFE 1508 lead should move between RMB 13,080-13,210/mt with resistance at the 60-day moving average. Chinese spot lead is expected to hover between RMB 13,300-13,400/mt.