SMM Lead Market Morning Review (2012-10-23)

SHANGHAI, Oct. 23 (SMM) – LME lead prices fell nearly 2% overnight to break USD 2,100/mt. Market was still pessimistic with no actual measures introduced after the EU summit. LME lead opened at USD 2,113/mt and hovered at USD 2,110/mt during Asian trading hours due to the rises of A-shares and Nikkei Stock Average, with trading modest. In European trading hours, LME lead prices fell all the way to hit a low of USD 2,061.5/mt and closed at USD 2,073/mt with support at the 60-day moving average, down USD 40.8/mt or 1.93%. Trading volumes were up 919 lots to 6,902 lots, and positions fell 1,062 lots 139,498 lots. LME lead inventories rose 6,500 mt to 300,175 mt.

The US dollar index closed inched down 0.087 to 79.55, and COMEX silver for December delivery ended at USD 32.25/oz, up 0.48%.

On October 23, SHFE 1212 lead contract prices are expected to move between RMB 15,400-15,650/mt, and spot lead prices should be RMB 15,300-15,400/mt.