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SMM Morning Review - 2010/1/13 Lead Market
Jan 13,2010 10:38CST
SMM Insight

SHANGHAI, Jan. 13 (SMM) -- LME lead prices closed at USD 2,395/mt on January 12th, down USD 145/mt, hitting a half-a-month low. As China raised the deposit reserve requirement ratio yesterday, market showed further concerns that tightening monetary policy will affect market liquidity, and may result in a chain reaction. CRB ended nearly 2% lower, and market focused on the issue of cash flow. The expected tighter cash flow will probably bring the bullish sentiment to an end. Actual demand will dominated future lead market movements, and high inventories will remain a negative factor on lead prices, as they are unable to be consumed in a short term.

In this context, SMM believes LME lead market will show significant corrections, with a pessimistic outlook, and prices are expected in the USD 2,300-2,420/mt.


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