SHANGHAI, Jul. 22 (SMM) – LME lead fell below USD 1,800/mt during Tuesday evening session and closed at USD 1,785/mt, down USD 28.5/mt or 1.57%. Trading volumes grew 2 to 2,872 lots but positions fell 549 to 128,842. LME lead inventories dropped 1,650 mt to 215,150 mt.
Market lacks solid reports Wednesday. US dollar should be depressed by longs, supporting lead prices. Though leading battery makers increased battery prices, anemic end-user consumption will drive battery prices down again, which will not support spot lead prices.
Markets expect LME lead to be in a range of USD 1,770-1,800/mt today. SHFE 1510 lead should hover between RMB 12,780-12,900/mt and spot lead may slip to RMB 13,150-13,250/mt.