SMM Morning Review - 2012/3/12 Lead Market

SHANGHAI, Mar. 12 (SMM) – LME lead prices opened at USD 2,121/mt on Friday and moved narrowly between USD 2,120-2,145/mt. During European trading hours, LME lead prices rose to hit a high of USD 2,170/mt due to the accomplishment of the Greek debt swap and positive US employment data, but met resistance at the 10-day moving averages. Prices surrendered earlier gains at the tail of trading to close at USD 2,140/mt, up USD 12.3/mt. Traded volumes were up 497 lots to 4,144 lots, and positions were up 1,638 lots to 112,000 lots. LME lead inventories decreased by 1,332 mt to 35,849 mt.

The US dollar index closed at 79.9, and COMEX 5 month silver closed at USD 34.21/oz, up 1.22%.

On Monday, SHFE lead prices should move between RMB 15,850-16,050/mt, and domestic spot prices are expected to be RMB 15,750-15,900/mt.