SMM Morning Review - 2010/1/28 Lead Market -Shanghai Metals Market

Hot Keywords

  • Silicon
  • Inventory data
  • Nickel
  • Aluminium
  • Copper scrap
  • 铜管/铜管
  • Rare earth
  • MMi Iron Ore Port Index
  • Macroeconomics
  • Market commentary
  • Copper
  • Zinc
  • provisional iron ore export permits
  • Evening comments
  • Futures movement

SMM Morning Review - 2010/1/28 Lead Market

SMM Insight 10:16:09AM Jan 28, 2010 Source:SMM

SHANGHAI, Jan. 28 (SMM) -- On January 27th, LME lead prices plunged USD 106/mt to close at USD 2,094/mt. On the same day, the Ministry of Commerce announced sales of newly-built US single-family homes in December fell 7.6% from November levels to a seasonally adjusted annual rate of 342,000. The high unemployment rate dashed out the hope of recovery in the property market. Meanwhile, the US Federal Reserve decided to leave the interest rate in the 0-0.25% range, and pledged to keep the low rate for some time, so as to help the recovery of the economy. Yesterday, S&P lowered Japan's credit rating, helping the US dollar strengthen, and base metal markets suffered pressure as a result. LME lead inventories continue to grow, with stocks on January 27th up 1,725 mt to 155,775 mt.

SMM continues to take a pessimistic view towards lead prices, with levels estimated in the USD 2,000-2,100/mt range.

To contact the writer on this report: Sherryshi@smm.cn

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  lead Pb  lead price  LME market  

SMM Morning Review - 2010/1/28 Lead Market

SMM Insight 10:16:09AM Jan 28, 2010 Source:SMM

SHANGHAI, Jan. 28 (SMM) -- On January 27th, LME lead prices plunged USD 106/mt to close at USD 2,094/mt. On the same day, the Ministry of Commerce announced sales of newly-built US single-family homes in December fell 7.6% from November levels to a seasonally adjusted annual rate of 342,000. The high unemployment rate dashed out the hope of recovery in the property market. Meanwhile, the US Federal Reserve decided to leave the interest rate in the 0-0.25% range, and pledged to keep the low rate for some time, so as to help the recovery of the economy. Yesterday, S&P lowered Japan's credit rating, helping the US dollar strengthen, and base metal markets suffered pressure as a result. LME lead inventories continue to grow, with stocks on January 27th up 1,725 mt to 155,775 mt.

SMM continues to take a pessimistic view towards lead prices, with levels estimated in the USD 2,000-2,100/mt range.

To contact the writer on this report: Sherryshi@smm.cn

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  lead Pb  lead price  LME market