SMM Lead Market Morning Review (2013-1-8)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-8)

Price Review & Forecast 09:19:14AM Jan 08, 2013 Source:SMM

SHANGHAI, Jan. 8 (SMM) – LME lead prices remained weak overnight as market players feared the Fed may not continue to launch easing policies, triggering concerns over the financial stability. In response, LME lead prices opened at USD 2,340/mt and followed a weak trend around the level. In European trading hours, LME lead prices fell significantly to hit a low of USD 2,287/mt, and finally closed at USD 2,310.8/mt, down USD 31.8/mt or 1.36%, the biggest decline among base metals. Trading volumes were down 85 lots to 6,541 lots, and positions increased 1,278 lots. LME lead inventories dropped 2,950 lots to 309,675 lots.

The US dollar index closed at 80.13, and COMEX silver for March delivery closed at USD 30.1/oz, up USD 0.154/oz.

On January 8, the most active SHFE lead contract price is expected to open lower and move between RMB 15,130-15,230/mt, and spot lead prices in China should be RMB 14,650-14,800/mt.

 

SMM Lead Market Morning Review (2013-1-8)

Price Review & Forecast 09:19:14AM Jan 08, 2013 Source:SMM

SHANGHAI, Jan. 8 (SMM) – LME lead prices remained weak overnight as market players feared the Fed may not continue to launch easing policies, triggering concerns over the financial stability. In response, LME lead prices opened at USD 2,340/mt and followed a weak trend around the level. In European trading hours, LME lead prices fell significantly to hit a low of USD 2,287/mt, and finally closed at USD 2,310.8/mt, down USD 31.8/mt or 1.36%, the biggest decline among base metals. Trading volumes were down 85 lots to 6,541 lots, and positions increased 1,278 lots. LME lead inventories dropped 2,950 lots to 309,675 lots.

The US dollar index closed at 80.13, and COMEX silver for March delivery closed at USD 30.1/oz, up USD 0.154/oz.

On January 8, the most active SHFE lead contract price is expected to open lower and move between RMB 15,130-15,230/mt, and spot lead prices in China should be RMB 14,650-14,800/mt.