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SMM Morning Review - 2011/10/25 Lead Market
Oct 25,2011 10:03CST
price review forecast
Source:SMM
SHFE lead prices are expected to move between RMB 14,700-15,300/mt, while traded prices for domestic spot lead will likely move between RMB 14,750-15,150/mt on Tuesday.

SHANGHAI, Oct. 25 (SMM) -- LME lead prices found support at the 5-day moving average after opening at USD 1,915/mt yesterday. Later, HSBC's Purchasing Managers Index (PMI) for China’s manufacturing sector stood at 51.1 in October, up from 49.9 in September, helping boost LME lead prices. During European and US trading hours, markets remained optimistic despite the lack of important data, and LME lead prices rebounded strongly again, with prices hitting as high as USD 2,020/mt after breaking the USD 2,000/mt mark. LME lead prices finally closed at USD 2,013/mt, up USD 101/mt or 5.3%. Metal prices are expected to undergo technical downward corrections over the next two days given a lack of important economic data. SMM predicts LME lead prices will likely move between USD 1,950-2,010/mt today.
   
In neighboring markets, the US dollar index briefly fell below 76 and closed at 76.14.

SHFE lead prices are expected to move between RMB 14,700-15,300/mt, while traded prices for domestic spot lead will likely move between RMB 14,750-15,150/mt on Tuesday.

 

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