SMM Morning Review - 2011/12/12 Lead Market

SHANGHAI, Dec. 12 (SMM) – Last Friday, LME lead prices opened at USD 2,110/mt. Investors were waiting for results of the EU summit, markets remained cautious with prices moving between USD 2,100/mt. During European trading session, although the summit did not pass the best resolution for EU treaty changes, all eurozone countries except UK agreed to add new intergovernmental treaty in order to enhance fiscal regulation. Besides, the Michigan Consumer Sentiment for December was reported to be better than market prediction, LME lead prices moved up to USD 2,167/mt and closed at USD 2,150/mt, up USD 46.5/mt, or 2.2%. LME lead prices should move between USD 2,100-2,150/mt today.

The US dollar index closed at 78.57, down 0.25, and COMEX silver closed at USD 32.23/oz, up USD 0.53/oz, or 1.67%.

SHFE lead prices may move between RMB 15,600-15,900/mt on Monday, and domestic spot prices should be RMB 15,600-15,750/mt. Transactions will remain quiet.