SMM Morning Review - 2012/2/17 Lead Market

SMM Insight 09:22:49AM Feb 17, 2012 Source:SMM

SHANGHAI, Feb. 17 (SMM) – LME lead prices overnight fluctuated down after opening lower due to the possibility of delaying Greece bailout plan, and dipped a low of USD 2,002/mt. During US trading hours, January’s housing starts were reported to reach 699,000, and both Initial Jobless Claims and Continuing Claims for last week were above expectations. Besides, eurozone finance ministers said the second round Greece bailout loans will be approved next Monday. Thus, LME lead prices stopped falling and rallied slightly at the tail of trading, and finally closed at USD 2,031/mt, down USD 42/mt or 2.03%. Trading volumes increased 337 lots to 6,102 lots, and positions were down 91 lots to 109,000 lots. LME lead inventories fell by 1,275 mt to 382,025 mt.

The US dollar index closed at 79.38, down 0.35. COMEX silver closed at USD 33.37/oz, down USD 0.038/oz.

On Friday, SHFE lead prices are expected to move between RMB 15,550-15,850/mt, and domestic spot prices should be between RMB 15,550-15,700/mt.

SMM Morning Review - 2012/2/17 Lead Market

SMM Insight 09:22:49AM Feb 17, 2012 Source:SMM

SHANGHAI, Feb. 17 (SMM) – LME lead prices overnight fluctuated down after opening lower due to the possibility of delaying Greece bailout plan, and dipped a low of USD 2,002/mt. During US trading hours, January’s housing starts were reported to reach 699,000, and both Initial Jobless Claims and Continuing Claims for last week were above expectations. Besides, eurozone finance ministers said the second round Greece bailout loans will be approved next Monday. Thus, LME lead prices stopped falling and rallied slightly at the tail of trading, and finally closed at USD 2,031/mt, down USD 42/mt or 2.03%. Trading volumes increased 337 lots to 6,102 lots, and positions were down 91 lots to 109,000 lots. LME lead inventories fell by 1,275 mt to 382,025 mt.

The US dollar index closed at 79.38, down 0.35. COMEX silver closed at USD 33.37/oz, down USD 0.038/oz.

On Friday, SHFE lead prices are expected to move between RMB 15,550-15,850/mt, and domestic spot prices should be between RMB 15,550-15,700/mt.