SMM Morning Review - 2012/2/28 Lead Market-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Futures movement
  • Market commentary
  • Aluminium
  • Lead
  • Inventory data
  • Customs data
  • Evening comments
  • Morning comments
  • MMi Iron Ore Port Index
  • Li-Ion Battery Cathode Material
  • Copper
  • china npi output
  • Macroeconomics
  • Copper scrap

SMM Morning Review - 2012/2/28 Lead Market

SMM Insight 09:36:21AM Feb 28, 2012 Source:SMM

SHANGHAI, Feb. 28 (SMM) – LME lead prices overnight opened at USD 2,200/mt and moved between USD 2,190-2,215/mt. Later, as US pending home sales climbed 2% in January, above the expected 1.0% and the -3.5% for the previous period, US stock market was shored up, and LME lead prices rose to USD 2,250/mt as a result, with prices finally closing at USD 2,244/mt, up USD 38/mt or 1.72%. Thus, LME lead prices have been increasing for six trading days. Trading volumes decreased by 457 lots to 5,249 lots, and positions decreased by 184 lots to 111,000 lots. LME lead inventories were down 2,325 mt to 368,175 mt.

The US dollar index closed at 78.53, up 0.1, and COMEX 5 month silver closed at USD 35.6/oz, up USD 0.2/oz.

On Tuesday, SHFE lead prices are expected to move between RMB 16,050-16,250/mt, and domestic spot prices should be between RMB 15,900-16,050/mt, with discount over the most active SHFE lead contract price between RMB 150-250/mt.

Price

more
62% Fe Fines (Qingdao Port): IOPI62
Apr.24
677.0
0.0
(0.00%)
62% Fe Fines (Qingdao Port, CFR Equiv.)
Apr.24
92.9
-0.2
(-0.18%)
58% Fe Fines (Qingdao Port): IOPI58
Apr.24
603.0
1.0
(0.17%)
58% Fe Fines (Qingdao Port, CFR Equiv.)
Apr.24
82.3
-0.0
(-0.01%)
65% Fe Fines (Qingdao Port): IOPI65
Apr.24
772.0
-8.0
(-1.03%)

SMM Morning Review - 2012/2/28 Lead Market

SMM Insight 09:36:21AM Feb 28, 2012 Source:SMM

SHANGHAI, Feb. 28 (SMM) – LME lead prices overnight opened at USD 2,200/mt and moved between USD 2,190-2,215/mt. Later, as US pending home sales climbed 2% in January, above the expected 1.0% and the -3.5% for the previous period, US stock market was shored up, and LME lead prices rose to USD 2,250/mt as a result, with prices finally closing at USD 2,244/mt, up USD 38/mt or 1.72%. Thus, LME lead prices have been increasing for six trading days. Trading volumes decreased by 457 lots to 5,249 lots, and positions decreased by 184 lots to 111,000 lots. LME lead inventories were down 2,325 mt to 368,175 mt.

The US dollar index closed at 78.53, up 0.1, and COMEX 5 month silver closed at USD 35.6/oz, up USD 0.2/oz.

On Tuesday, SHFE lead prices are expected to move between RMB 16,050-16,250/mt, and domestic spot prices should be between RMB 15,900-16,050/mt, with discount over the most active SHFE lead contract price between RMB 150-250/mt.