SMM Morning Review - 2012/5/4 Lead Market

SHANGHAI, May 4 (SMM) – LME lead prices opened at USD 2,131/mt overnight. During European trading session, US jobless claims were reported better last week, but later ISM non-manufacturing data for April was worse than expected. Thus, LME lead prices dropped below USD 2,100/mt to finally close at USD 2,092/mt, down USD 38/mt or 1.78%. Trading volumes fell 800 lots to 4,401 lots, and positions decreased by 440 lots. LME lead inventories were down 675 mt to 360,325 mt.

The US dollar index closed at 79.19, and COMEX silver for July delivery was down USD 0.635/oz to USD 30/oz, a declined of over 2%.

On Friday, SHFE lead prices may move between RMB 15,700-15,850/mt, and domestic spot prices should be between RMB 15,650-15,800/mt.