SMM Morning Review - 2011/11/2 Lead Market

Nov 2, 2011 10:21

LME lead prices overnight opened at USD 2,077/mt and then fluctuated at low levels.

SHANGHAI, Nov. 2 (SMM) – LME lead prices overnight opened at USD 2,077/mt and then fluctuated at low levels. The news that Greece put European bailout deal to a vote stirred up concerns and turmoil among European countries. Meanwhile US ISM PMI in the manufacturing sector in October was 50.8, lower than forecasts. As a result, LME lead prices dipped to USD 1,978/mt, finding support at the moving average, and finally closed at USD 1,992/mt, down 2.4%. LME lead prices should fluctuate around USD 2,000/mt today.

The US dollar index closed at 77.49.

SHFE lead prices should open lower and move between RMB 14,880-15,400/mt today, and domestic spot lead prices should be RMB 14,900-15,350/mt.

LME lead prices

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SMM Morning Review - 2011/11/2 Lead Market

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