SMM Morning Review - 2012/6/4 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/6/4 Lead Market

SMM Insight 09:06:05AM Jun 04, 2012 Source:SMM

SHANGHAI, Jun. 4 (SMM) – German and the euro zone Manufacturing PMI data for May was reported worse than expectations overnight, and the May US employment growth was slower than expectation. As consequences, LME lead price opened at USD 1,917/mt and than dipped to as low as USD 1,883/mt, but rallied marginally at the tail of trading to finally end at USD 1,903/mt, down USD 22/mt, or 1.14%. Trading volumes decreased by 49 lots to 5,205/mt, and positions were up to 2,149 lots to around 124,000 lots. LME lead inventories were down 1,400 mt to 384,175 mt.

The US dollar index closed at 82.8, while COMEX silver for July delivery closed at USD 28.5/oz, up USD 0.7/oz, or 2.5%.

On Monday, SHFE lead prices should move between RMB 14,950-15,100/mt, while spot prices are expected to be RMB 15,000-15,150/mt.

Key Words:  LME lead   lead price 

SMM Morning Review - 2012/6/4 Lead Market

SMM Insight 09:06:05AM Jun 04, 2012 Source:SMM

SHANGHAI, Jun. 4 (SMM) – German and the euro zone Manufacturing PMI data for May was reported worse than expectations overnight, and the May US employment growth was slower than expectation. As consequences, LME lead price opened at USD 1,917/mt and than dipped to as low as USD 1,883/mt, but rallied marginally at the tail of trading to finally end at USD 1,903/mt, down USD 22/mt, or 1.14%. Trading volumes decreased by 49 lots to 5,205/mt, and positions were up to 2,149 lots to around 124,000 lots. LME lead inventories were down 1,400 mt to 384,175 mt.

The US dollar index closed at 82.8, while COMEX silver for July delivery closed at USD 28.5/oz, up USD 0.7/oz, or 2.5%.

On Monday, SHFE lead prices should move between RMB 14,950-15,100/mt, while spot prices are expected to be RMB 15,000-15,150/mt.

Key Words:  LME lead   lead price