SMM Morning Review - 2012/7/30 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2012/7/30 Lead Market

Price Review & Forecast 09:20:30AM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – LME lead prices were still under the influence of ECB chairman Draghi’s remarks and opened at USD 1,880/mt and moved between USD 1,875-1,920/mt during Asian trading hours last Friday. During European trading hours, since German and US GDP data was within expectations, LME lead prices fluctuated up and ended at an intraday high of USD 1,930.5/mt, increasing as much as 3% or USD 53.8/mt, also hitting a high for the month, with stronger bullish mood. Trading volumes were up 3,575 lots to 6,999 lots, and positions rose 240 lots to 120,020 lots.

The US dollar index closed at 82.6 with resistance at the 20-day moving average, and COMEX silver for September delivery settled at USD 27.5/oz.

On July 30, SHFE lead prices are expected at RMB 14,900-15,060/mt, and spot lead prices should be between RMB 15,000-15,100/mt.
 

Key Words:  lead price   LME lead   SHFE lead 

SMM Morning Review - 2012/7/30 Lead Market

Price Review & Forecast 09:20:30AM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – LME lead prices were still under the influence of ECB chairman Draghi’s remarks and opened at USD 1,880/mt and moved between USD 1,875-1,920/mt during Asian trading hours last Friday. During European trading hours, since German and US GDP data was within expectations, LME lead prices fluctuated up and ended at an intraday high of USD 1,930.5/mt, increasing as much as 3% or USD 53.8/mt, also hitting a high for the month, with stronger bullish mood. Trading volumes were up 3,575 lots to 6,999 lots, and positions rose 240 lots to 120,020 lots.

The US dollar index closed at 82.6 with resistance at the 20-day moving average, and COMEX silver for September delivery settled at USD 27.5/oz.

On July 30, SHFE lead prices are expected at RMB 14,900-15,060/mt, and spot lead prices should be between RMB 15,000-15,100/mt.
 

Key Words:  lead price   LME lead   SHFE lead