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Home / Metal News / SMM Lead Market Morning Review (2012/10/9)

SMM Lead Market Morning Review (2012/10/9)

iconOct 9, 2012 10:36
LME lead prices overnight opened at USD 2275/mt, and dipped to USD 2,243/mt, dragged down by the falling Shanghai Composite Index.

SHANGHAI, Oct. 9 (SMM) -- LME lead prices overnight opened at USD 2275/mt, and dipped to USD 2,243/mt, dragged down by the falling Shanghai Composite Index. Eurozone finance minister meeting was held during European and US trading hours, with expectations of resolving plan to Greece's and Spain's problems. In this context, LME lead prices rose to USD 2,260/mt, but were then weighed down to the 5-day and 10-day moving averages since US stocks dropped and the US dollar index rose slightly. Finally, LME lead prices closed at USD 2,256/mt, down USD 22.3/mt, or 1%. Trading volumes decreased by 805 lots to 4,052 lots, and total position decreased by 405 lots to 139,277 lots. Inventories fell by 3,225 mt, to 251,350 mt.

The US dollar index rose by 0.27, to 79.6; COMEX silver for December delivery fell 1.73% and closed at USD 34/oz.

LME lead prices should move around the 20-day moving average today, and SHFE 1211 lead contract prices should move between RMB 15,900-16,100/mt, with spot prices between RMB 15,550-15,700/mt.

 

LME lead prices
SHFE lead prices
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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