SMM Morning Review - 2012/2/9 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/2/9 Lead Market

SMM Insight 08:58:55AM Feb 09, 2012 Source:SMM

SHANGHAI, Feb 9 (SMM) – LME lead prices overnight opened at USD 2,162/mt. During Asian trading hours, market sentiments were optimistic due to the positive news on Greek debt talk from Tuesday, boosting LME lead prices to touch a high of USD 2,235/mt, but with pressure at the 10-day moving average. During the European trading hours, as no actual progress on Greek debt issue was reported, high-risk currencies fell slightly. As a result, LME lead prices dropped to finally close at USD 2,185/mt, down USD 4/mt. Trading volumes decreased by 1,026 lots to 4,569 lots, and positions increased by 761 lots to 111,000 lots. LME lead inventories decreased slightly by 25 mt to 376,025 mt.

The US dollar index closed at 78.73, and COMEX silver closed at USD 33.7/oz, down 1.43%.

On Thursday, SHFE lead prices are expected to move between RMB 16,000-16,300/mt, and domestic spot prices should be between RMB 15,900-16,100/mt.

SMM Morning Review - 2012/2/9 Lead Market

SMM Insight 08:58:55AM Feb 09, 2012 Source:SMM

SHANGHAI, Feb 9 (SMM) – LME lead prices overnight opened at USD 2,162/mt. During Asian trading hours, market sentiments were optimistic due to the positive news on Greek debt talk from Tuesday, boosting LME lead prices to touch a high of USD 2,235/mt, but with pressure at the 10-day moving average. During the European trading hours, as no actual progress on Greek debt issue was reported, high-risk currencies fell slightly. As a result, LME lead prices dropped to finally close at USD 2,185/mt, down USD 4/mt. Trading volumes decreased by 1,026 lots to 4,569 lots, and positions increased by 761 lots to 111,000 lots. LME lead inventories decreased slightly by 25 mt to 376,025 mt.

The US dollar index closed at 78.73, and COMEX silver closed at USD 33.7/oz, down 1.43%.

On Thursday, SHFE lead prices are expected to move between RMB 16,000-16,300/mt, and domestic spot prices should be between RMB 15,900-16,100/mt.