SMM Morning Review - 2012/1/11 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/1/11 Lead Market

SMM Insight 09:14:30AM Jan 11, 2012 Source:SMM

SHANGHAI, Jan. 11 (SMM) – LME lead prices overnight fell after rising first. During Asian trading session, LME lead prices fluctuated around USD 1,970/mt weakly. During European trading session, Fitch Ratings said it might not downgrade rating for France in 2012, boosting risk appetite in the market. As a result, LME lead prices hiked to USD 2,033/mt but with resistance at the 30-day moving average, fell slightly at the tail of trading and finally closed at USD 1997.8/mt, up USD 35.5/mt, an increase of 1.8%. LME lead inventories increased by 3,100 mt to 353,975 mt with the increase mainly concentrated in Johore Port, Malaysia.

The US dollar index closed at 80.97, and COMEX silver closed at USD 29.8/oz, up as much as 3.5%.

SHFE lead prices may move between RMB 15,100-15,300/mt on Wednesday, and domestic spot prices should be RMB 15,150-15,250/mt.
 

SMM Morning Review - 2012/1/11 Lead Market

SMM Insight 09:14:30AM Jan 11, 2012 Source:SMM

SHANGHAI, Jan. 11 (SMM) – LME lead prices overnight fell after rising first. During Asian trading session, LME lead prices fluctuated around USD 1,970/mt weakly. During European trading session, Fitch Ratings said it might not downgrade rating for France in 2012, boosting risk appetite in the market. As a result, LME lead prices hiked to USD 2,033/mt but with resistance at the 30-day moving average, fell slightly at the tail of trading and finally closed at USD 1997.8/mt, up USD 35.5/mt, an increase of 1.8%. LME lead inventories increased by 3,100 mt to 353,975 mt with the increase mainly concentrated in Johore Port, Malaysia.

The US dollar index closed at 80.97, and COMEX silver closed at USD 29.8/oz, up as much as 3.5%.

SHFE lead prices may move between RMB 15,100-15,300/mt on Wednesday, and domestic spot prices should be RMB 15,150-15,250/mt.