SMM Lead Market Morning Review (2013-1-9)-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Production data
  • Market commentary
  • Macroeconomics
  • Morning comments
  • Futures movement
  • NPI
  • Copper
  • Aluminium
  • Nickel
  • Nickel ore
  • In the United States
  • trade negotiations
  • nickel laterite

SMM Lead Market Morning Review (2013-1-9)

Price Review & Forecast 09:28:37AM Jan 09, 2013 Source:SMM

SHANGHAI, Jan. 9 (SMM) – LME lead prices opened at USD 2,310/mt Tuesday but were dragged down to USD 2,282/mt due to the disappointing employment data for the eurozone. Later, however, prices gained support at the 30-day moving average to stabilize and end at USD 2,324/mt, up USD 13.3/mt. Trading volumes were down 1,410 lots to 5,131 lots, and positions fell 1,397 lots. LME lead inventories dropped 1,325 lots to 308,350 lots.

The US dollar index closed at 80.3, and COMEX silver for March delivery closed at USD 30.36/oz, down USD 0.055/oz.

On January 9, the most active SHFE lead contract price is expected to move between RMB 15,130-15,240/mt, and spot lead prices in China should remain at RMB 14,650-14,800/mt.

SMM Lead Market Morning Review (2013-1-9)

Price Review & Forecast 09:28:37AM Jan 09, 2013 Source:SMM

SHANGHAI, Jan. 9 (SMM) – LME lead prices opened at USD 2,310/mt Tuesday but were dragged down to USD 2,282/mt due to the disappointing employment data for the eurozone. Later, however, prices gained support at the 30-day moving average to stabilize and end at USD 2,324/mt, up USD 13.3/mt. Trading volumes were down 1,410 lots to 5,131 lots, and positions fell 1,397 lots. LME lead inventories dropped 1,325 lots to 308,350 lots.

The US dollar index closed at 80.3, and COMEX silver for March delivery closed at USD 30.36/oz, down USD 0.055/oz.

On January 9, the most active SHFE lead contract price is expected to move between RMB 15,130-15,240/mt, and spot lead prices in China should remain at RMB 14,650-14,800/mt.