SMM Morning Review - 2012/3/26 Lead Market

SHANGHAI, Mar. 26 (SMM) – LME lead prices opened at USD 1,998/mt last Friday and moved weakly between USD 2,000-2,015/mt. Later, as US February New Home Sales data was reported lower than expected, US equities fell further, and LME lead prices dipped to USD 1,980/mt briefly. However, with US economy experiencing a moderate growth in general, LME lead prices regained some earlier losses to close at USD 2,005/mt, up USD 9/mt. Trading volumes declined by 508 lots to 5,468 lots, and positions increased by 1,059 lots to 118,000 lots. LME lead inventories were down by 975 mt to 372875 mt.

The US dollar index closed at 79.32. COMEX 5 month silver opened at USD 31.50/oz and closed at USD 32.10/oz, up USD 0.46/oz or 1.45%.

On Monday, SHFE lead prices should move between RMB 15,600-15,900/mt, and domestic spot prices are expected to be RMB 15,650-15,750/mt. LME starts to use summer time today and the trading hours should begin at 8: 00 Beijing Time.