SMM Morning Review - 2012/6/1 Lead Market

SMM Insight 09:32:23AM Jun 01, 2012 Source:SMM

SHANGHAI, Jun. 1 (SMM) – LME lead price opened at USD 1, 922/mt overnight. During European trading session, LME lead prices moved up to USD 1,944/mt since European leaders showed intention for creating a banking union and mentioned about the bailout funds to recapitalize their banks. During US trading hours, however, as US jobless claims turned out worse than expected, LME lead prices rolled back earlier gains and finally ended at USD 1,925/mt. Trading volumes increased by 1,218 lots to 5,254/mt, and positions were up to 1,727 lots to around 122,000 lots. LME lead inventories were up 50 mt to 349,575 mt.

The US dollar index closed at 83.1, while COMEX silver for July delivery closed at USD 27.8/oz.

On Friday, SHFE lead prices should move between RMB 15,000-15,200/mt, while spot prices are expected to be between RMB 15,000-15,170/mt.

SMM Morning Review - 2012/6/1 Lead Market

SMM Insight 09:32:23AM Jun 01, 2012 Source:SMM

SHANGHAI, Jun. 1 (SMM) – LME lead price opened at USD 1, 922/mt overnight. During European trading session, LME lead prices moved up to USD 1,944/mt since European leaders showed intention for creating a banking union and mentioned about the bailout funds to recapitalize their banks. During US trading hours, however, as US jobless claims turned out worse than expected, LME lead prices rolled back earlier gains and finally ended at USD 1,925/mt. Trading volumes increased by 1,218 lots to 5,254/mt, and positions were up to 1,727 lots to around 122,000 lots. LME lead inventories were up 50 mt to 349,575 mt.

The US dollar index closed at 83.1, while COMEX silver for July delivery closed at USD 27.8/oz.

On Friday, SHFE lead prices should move between RMB 15,000-15,200/mt, while spot prices are expected to be between RMB 15,000-15,170/mt.