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

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.