Home / Metal News / Copper / SMM Lead Market Morning Review (2012/10/12)
SMM Lead Market Morning Review (2012/10/12)
Oct 12,2012 10:32CST
price review forecast
Source:SMM
LME lead prices overnight opened lower at USD 2,190/mt as S&P cut Spain’s credit rating.

SHANGHAI, Oct. 12 (SMM) – LME lead prices overnight opened lower at USD 2,190/mt as S&P cut Spain’s credit rating, but rebounded to USD 2,200/mt after prices fell for five days and the US dollar index dropped. During European trading hours, the US initial jobless claims were reportedly down 30,000 to 339,000 last week, the lowest level since January 2009. In response, LME lead prices kept rising to hit USD 2,221.5/mt. However, as longs booked profits later, LME lead prices fell to USD 2,176/mt and ended at USD 2,184.5/mt, down USD 13.3/mt. Trading volumes were down 903 lots to 7,514 lots, and positions increased 811 lots to 142,261 lots. LME lead inventories increased 15,500 mt to 281,175 mt. Canceled warrant ratio fell to 34.25%.

The US dollar index closed at 79.8, and COMEX silver for December delivery ended at USD 34.10/oz.

On Thursday, SHFE 1211 lead contract prices are expected to move between RMB 15,800-16,000/mt, and spot lead prices should be RMB 15,550-15,700/mt.

 

LME lead prices
SHFE lead prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news