SMM Morning Review - 2012/1/6 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/1/6 Lead Market

SMM Insight 09:19:25AM Jan 06, 2012 Source:SMM

SHANGHAI, Jan. 6 (SMM) – LME lead prices overnight opened at USD 2,063/mt and moved weakly. During the European trading session, although US jobless claims were reported better than expectations and previous data, the result of French bond auction was not quite as good, with subscription ratio dropping remarkably. As a result, market players were more cautious to euro-denominated assets with concerns over European issues. LME lead prices, accordingly, plunged to USD 1,988/mt, and increased slightly at the tail of trading, with prices finally closed at USD 2,005/mt, down as much as 2.65%. LME lead prices should move between USD 2,000-2,040/mt today.

The US dollar index tested the 80 mark and closed at 80.9, and COMEX silver closed at USD 29.27/oz.

SHFE lead prices may move between RMB 15,100-15,350/mt on Friday. Domestic spot prices should move between RMB 15,150-15,300/mt.

SMM Morning Review - 2012/1/6 Lead Market

SMM Insight 09:19:25AM Jan 06, 2012 Source:SMM

SHANGHAI, Jan. 6 (SMM) – LME lead prices overnight opened at USD 2,063/mt and moved weakly. During the European trading session, although US jobless claims were reported better than expectations and previous data, the result of French bond auction was not quite as good, with subscription ratio dropping remarkably. As a result, market players were more cautious to euro-denominated assets with concerns over European issues. LME lead prices, accordingly, plunged to USD 1,988/mt, and increased slightly at the tail of trading, with prices finally closed at USD 2,005/mt, down as much as 2.65%. LME lead prices should move between USD 2,000-2,040/mt today.

The US dollar index tested the 80 mark and closed at 80.9, and COMEX silver closed at USD 29.27/oz.

SHFE lead prices may move between RMB 15,100-15,350/mt on Friday. Domestic spot prices should move between RMB 15,150-15,300/mt.