SMM Morning Review - 2011/10/10 Lead Market

SHANGHAI, Oct. 10 (SMM) – LME market was quiet during China’s National Day holiday, with LME lead prices moving between USD 1,870-2,000/mt, affected by macroeconomic news. Although European and England’s central banks decided to provide liquidity to the market, and despite positive US non-farm employment data, European debt crisis continued to deteriorate. By last Friday, LME lead prices closed at USD 1,937/mt. LME lead prices are expected to move between the 5-day and 10-day moving averages or between USD 1,900-1,950/mt.

The US dollar index closed at 78.75 last Friday.

SHFE lead prices should move between RMB 14,500-15,000/mt today, and domestic spot lead prices should be RMB 0-50/mt lower or RMB 0-50 higher than SHFE 1111 lead contract prices, moving between RMB 14,450-14,850/mt.