SMM Morning Review - 2012/3/13 Lead Market

SHANGHAI, Mar. 13 (SMM) – Lacking directions from economic data and risk events, LME lead prices overnight rose above USD 2,200/mt briefly after opening at USD 2,135/mt, but fell soon to move between USD 2,120-2,140/mt, and finally closed at USD 2,141.8/mt, presenting a weak track on the whole. Traded volumes were down 1,377 lots to 2,767 lots, positions were down 211 lots to 112,000 lots. LME lead inventories rose by 625 mt to 363,625 mt.

The US dollar index closed at 79.79, and COMEX 5 month silver closed at USD 33.7/oz, down USD 0.512/oz or 1.5%.

On Tuesday, SHFE 1205 lead contract price, the most active one, should move between RMB 15,850-16,000/mt. Domestic spot prices are expected to be RMB 15,700-15,850/mt.