SMM Morning Review - 2012/7/11 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/7/11 Lead Market

Price Review & Forecast 09:29:00AM Jul 11, 2012 Source:SMM

SHANGHAI, Jul. 11 (SMM) – LME lead prices opened at USD 1,878/mt overnight and gained support at 10-day and 20-day moving averages but with resistance at the 30-day moving average to move narrowly between USD 1,860-1,880/mt. Later, as Fitch confirmed AAA rating for US, helping support US equities and US dollar in short term, LME lead prices ended at USD 1,866.3/mt. Trading volumes increased 337 lots to 3,066 lots, and positions were up 710 lots. LME lead inventories fell 500 mt to 346,825 mt.

The US dollar index closed at 83.36. COMEX silver for September delivery closed at USD 26.78/oz, down USD 0.495/oz, or down 1.8%.

On Wednesday, SHFE lead prices are expected to be RMB 14,800-14,950/mt, and spot lead prices should be between RMB 14,850-15,000/mt.

Key Words:  LME lead   lead price 

SMM Morning Review - 2012/7/11 Lead Market

Price Review & Forecast 09:29:00AM Jul 11, 2012 Source:SMM

SHANGHAI, Jul. 11 (SMM) – LME lead prices opened at USD 1,878/mt overnight and gained support at 10-day and 20-day moving averages but with resistance at the 30-day moving average to move narrowly between USD 1,860-1,880/mt. Later, as Fitch confirmed AAA rating for US, helping support US equities and US dollar in short term, LME lead prices ended at USD 1,866.3/mt. Trading volumes increased 337 lots to 3,066 lots, and positions were up 710 lots. LME lead inventories fell 500 mt to 346,825 mt.

The US dollar index closed at 83.36. COMEX silver for September delivery closed at USD 26.78/oz, down USD 0.495/oz, or down 1.8%.

On Wednesday, SHFE lead prices are expected to be RMB 14,800-14,950/mt, and spot lead prices should be between RMB 14,850-15,000/mt.

Key Words:  LME lead   lead price