SMM Lead Market Morning Review (2015-7-6)

SHANGHAI, Jul. 6 (SMM) – Last Friday, LME lead started at USD 1,780.5/mt during Asian trading hours and moved narrowly between USD 1,773-1,787/mt. During European trading hours, worries about Greek referendum grew and shorts entered market. Thus, LME lead dipped to USD 1,762/mt and ended at USD 1,764/mt, down USD 19/mt. Trading volumes fell 862 to 2,124 lots while positions rose 3,171 to 145,416. LME lead inventories dropped 400 mt to 172,325 mt.

SHFE 1508 lead opened at RMB 12,895/mt during last Friday evening session and dived to RMB 12,780/mt with shorts gathering strength, to close down RMB 160/mt at RMB 12,860/mt.

LME lead may move between USD 1,750-1,780/mt today. SHFE 1508 lead should be in a range of RMB 12,780-12,900/mt and RMB 13,150-13,250/mt for spot lead.