SMM Lead Market Morning Review (2013-1-4)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-4)

Price Review & Forecast 09:37:40AM Jan 04, 2013 Source:SMM

SHANGHAI, Jan. 4 (SMM) – LME lead prices hit a high of USD 2,499/mt after opening at USD 2,435/mt with the US fiscal cliff issue resolved. Later, although the ADP employment rose 215,000 in December, up nearly two folds over the previous figure, and ISM manufacturing index also improved largely, the initial and continuing jobless claims exceeded forecasts and previous data. Besides, the US dollar index also rallied to 80.6, driving LME lead prices to give back earlier gains and end at USD 2,393.8/mt. Trading volumes were up 2,023 lots to 8,902 lots, while positions were up 867 lots to around 141,000 lots. LME lead inventories dropped 3,075 mt to   320,325 mt.

The US dollar index closed 1% higher at 80.62, and COMEX silver for March delivery closed at USD 30.72/oz, down USD 0.27/oz.

On January 4, SHFE lead prices are expected to move between RMB 15,300-15,450/mt, and spot lead prices should be RMB 14,700-14,900/mt.

 

 

SMM Lead Market Morning Review (2013-1-4)

Price Review & Forecast 09:37:40AM Jan 04, 2013 Source:SMM

SHANGHAI, Jan. 4 (SMM) – LME lead prices hit a high of USD 2,499/mt after opening at USD 2,435/mt with the US fiscal cliff issue resolved. Later, although the ADP employment rose 215,000 in December, up nearly two folds over the previous figure, and ISM manufacturing index also improved largely, the initial and continuing jobless claims exceeded forecasts and previous data. Besides, the US dollar index also rallied to 80.6, driving LME lead prices to give back earlier gains and end at USD 2,393.8/mt. Trading volumes were up 2,023 lots to 8,902 lots, while positions were up 867 lots to around 141,000 lots. LME lead inventories dropped 3,075 mt to   320,325 mt.

The US dollar index closed 1% higher at 80.62, and COMEX silver for March delivery closed at USD 30.72/oz, down USD 0.27/oz.

On January 4, SHFE lead prices are expected to move between RMB 15,300-15,450/mt, and spot lead prices should be RMB 14,700-14,900/mt.