SMM Morning Review - 2012/7/5 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/7/5 Lead Market

Price Review & Forecast 09:18:54AM Jul 05, 2012 Source:SMM

SHANGHAI, Jul. 5 (SMM) – With influence from the deals reached at the EU summit fading, LME lead prices overnight opened at USD 1,910/mt and fell to USD 1,897/mt due to the rising US dollar index and Euro zone PMI for June that remained below 50 for nine consecutive months. Later, LME lead prices stopped falling and closed at USD 1,904/mt, down USD 22.5/mt, or down 1.17%. Trading volumes were down 3,535 lots to 2,723 lots, and positions were down 256 lots to 131,000 lots. LME lead inventories increased 50 mt to 349,250 mt.

The US dollar index closed at 82.2, and COMEX silver for September delivery closed at USD 28.1/oz, down USD 0.175/oz with support at the 20-day moving average.

On Thursday, the most active SHFE lead price should move between RMB 14,750-15,000/mt, and spot lead prices are expected to be RMB 14,850-14,950/mt.

Key Words:  SHFE lead   lead price   LME lead 

SMM Morning Review - 2012/7/5 Lead Market

Price Review & Forecast 09:18:54AM Jul 05, 2012 Source:SMM

SHANGHAI, Jul. 5 (SMM) – With influence from the deals reached at the EU summit fading, LME lead prices overnight opened at USD 1,910/mt and fell to USD 1,897/mt due to the rising US dollar index and Euro zone PMI for June that remained below 50 for nine consecutive months. Later, LME lead prices stopped falling and closed at USD 1,904/mt, down USD 22.5/mt, or down 1.17%. Trading volumes were down 3,535 lots to 2,723 lots, and positions were down 256 lots to 131,000 lots. LME lead inventories increased 50 mt to 349,250 mt.

The US dollar index closed at 82.2, and COMEX silver for September delivery closed at USD 28.1/oz, down USD 0.175/oz with support at the 20-day moving average.

On Thursday, the most active SHFE lead price should move between RMB 14,750-15,000/mt, and spot lead prices are expected to be RMB 14,850-14,950/mt.

Key Words:  SHFE lead   lead price   LME lead