SMM Morning Review - 2012/2/6 Lead Market

SMM Insight 09:15:21AM Feb 06, 2012 Source:SMM

SHANGHAI, Feb 6 (SMM) – LME lead prices opened at USD 2,165/mt on Friday. During Asian trading hours, market were cautiously waiting for US economic data with prices hovering between USD 2,160-2,180/mt. During European trading hours, the January US unemployment rate was reported lower than expected and nonfarm payrolls were up 243,000 in January, much higher than expectations. As a result, LME lead prices were driven up but met resistance at the 10-day moving average, and finally closed at USD 2,226/mt, up USD 68/mt or 3.16%. Trading volumes increased by 333 lots to 5,971 lots. Positions were up 2,876 lots to 111,000 lots. LME lead inventories increased by 5,300 mt to 375,300 mt.

The US dollar index closed at 78.91, and COMEX silver closed at USD 33.7/oz, down 1.66%.

On Monday, SHFE lead prices may move between RMB 16,100-16,400/mt. Domestic spot prices should be between RMB 15,900-16,150/mt.
 

SMM Morning Review - 2012/2/6 Lead Market

SMM Insight 09:15:21AM Feb 06, 2012 Source:SMM

SHANGHAI, Feb 6 (SMM) – LME lead prices opened at USD 2,165/mt on Friday. During Asian trading hours, market were cautiously waiting for US economic data with prices hovering between USD 2,160-2,180/mt. During European trading hours, the January US unemployment rate was reported lower than expected and nonfarm payrolls were up 243,000 in January, much higher than expectations. As a result, LME lead prices were driven up but met resistance at the 10-day moving average, and finally closed at USD 2,226/mt, up USD 68/mt or 3.16%. Trading volumes increased by 333 lots to 5,971 lots. Positions were up 2,876 lots to 111,000 lots. LME lead inventories increased by 5,300 mt to 375,300 mt.

The US dollar index closed at 78.91, and COMEX silver closed at USD 33.7/oz, down 1.66%.

On Monday, SHFE lead prices may move between RMB 16,100-16,400/mt. Domestic spot prices should be between RMB 15,900-16,150/mt.