SMM Morning Review - 2012/2/15 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/2/15 Lead Market

SMM Insight 09:19:03AM Feb 15, 2012 Source:SMM

SHANGHAI, Feb 15 (SMM) – LME lead prices overnight followed a weak track between USD 2,100-2,130/mt. The eurozone finance ministers’ meeting scheduled for Wednesday was switched to a telephone conference to discuss the Greece bailout. Besides, US retail sales (MoM) in January were reported lower than expected. As a result, LME lead prices fell with resistance and closed at USD 2,085/mt, down USD 39/mt or 1.84%. Trading volumes increased by 869 lots to 5,945 lots. Positions decreased by 172 lots to 108,000 lots. LME lead inventories were up 1,950 mt to 383,700 mt.

The US dollar index dipped low and rebounded to close at 79.38, up 0.25. COMEX silver closed at USD 33.35/oz, down 1.11%.

On Wednesday, SHFE lead prices may fall slightly to move between RMB 15,700-16,030/mt. Domestic spot prices should be RMB 15,650-15,800/mt.

Price

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#1 Refined Cu
Apr.19
49430.0
-170.0
(-0.34%)
Yangshan Copper Premium(Bill of Lading)
Apr.19
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.19
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

SMM Morning Review - 2012/2/15 Lead Market

SMM Insight 09:19:03AM Feb 15, 2012 Source:SMM

SHANGHAI, Feb 15 (SMM) – LME lead prices overnight followed a weak track between USD 2,100-2,130/mt. The eurozone finance ministers’ meeting scheduled for Wednesday was switched to a telephone conference to discuss the Greece bailout. Besides, US retail sales (MoM) in January were reported lower than expected. As a result, LME lead prices fell with resistance and closed at USD 2,085/mt, down USD 39/mt or 1.84%. Trading volumes increased by 869 lots to 5,945 lots. Positions decreased by 172 lots to 108,000 lots. LME lead inventories were up 1,950 mt to 383,700 mt.

The US dollar index dipped low and rebounded to close at 79.38, up 0.25. COMEX silver closed at USD 33.35/oz, down 1.11%.

On Wednesday, SHFE lead prices may fall slightly to move between RMB 15,700-16,030/mt. Domestic spot prices should be RMB 15,650-15,800/mt.