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SMM Lead Market Morning Review (2012-10-26)
Oct 26,2012 10:09CST
price review forecast
Source:SMM
LME lead prices moved narrowly between USD 2,020-2,030/mt during Asian trading session with a lack of news reported.

SHANGHAI, Oct. 26 (SMM) – LME lead prices moved narrowly between USD 2,020-2,030/mt during Asian trading session with a lack of news reported. During European trading hours, 3Q GDP for the UK was up 1% on quarterly basis, the fastest growth in five years. The US initial jobless claims last week dropped 23,000 to 369,000, and durable goods orders for September increased 9.9% MoM, above the 7.5% expected. The US pending home sales for September was 0.3%, below the 2% expected. Besides, the Kansas City Fed’s PMI was -4, worse than 5 expected. As such, LME lead prices fell to USD 2,015/mt. Later, Apple’s 3Q performance was reported lower than market expectations. LME lead prices hit a low of USD 2,002.6/mt as a result and finally closed at USD 2,010.8/mt, down USD 7.3/mt. Positions were down 5,194 lots to 135,095 lots. LME lead inventories fell 1,100 mt to 309,875 mt.

The US dollar index closed at 80.10, and COMEX silver for December delivery closed up 1.52% at USD 32.10/oz.

On Friday, SHFE lead prices should move between RMB 15,200-15,300/mt with spot lead prices in China expected to remain stable at RMB 15,150-15,250/mt.

 

LME lead prices
SHFE lead prices

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