SMM Lead Market Morning Review (2013-1-10)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-10)

Price Review & Forecast 09:09:54AM Jan 10, 2013 Source:SMM

SHANGHAI, Jan. 10 (SMM) – LME lead prices opened at USD 2,325/mt on January 10 and moved around the level during the Asian trading session with a lack of major reports. Later, as the Alcoa released its 4Q financial report with the performance above expected USD 5.6 billion, lifting market confidence, LME lead prices climbed briefly to a high of USD 2,354/mt. However, as the US dollar index rose noticeably at the tail of trading, LME lead were driven to surrender earlier gains and finally closed at USD 2,318/mt, down USD 6/mt. Trading volumes were up 448 lots to 5,579 lots, and positions were down 735 lots. LME lead inventories fell 2,100 mt to 306,250 mt.

The US dollar index closed at 80.6, and COMEX silver for March delivery ended at USD 30.2/oz, down USD 0.265/oz.

On January 10, the most active SHFE lead contract price is expected to move between RMB 15,120-15,200/mt, and spot lead prices in China should remain at RMB 14,650-14,800/mt.

 

SMM Lead Market Morning Review (2013-1-10)

Price Review & Forecast 09:09:54AM Jan 10, 2013 Source:SMM

SHANGHAI, Jan. 10 (SMM) – LME lead prices opened at USD 2,325/mt on January 10 and moved around the level during the Asian trading session with a lack of major reports. Later, as the Alcoa released its 4Q financial report with the performance above expected USD 5.6 billion, lifting market confidence, LME lead prices climbed briefly to a high of USD 2,354/mt. However, as the US dollar index rose noticeably at the tail of trading, LME lead were driven to surrender earlier gains and finally closed at USD 2,318/mt, down USD 6/mt. Trading volumes were up 448 lots to 5,579 lots, and positions were down 735 lots. LME lead inventories fell 2,100 mt to 306,250 mt.

The US dollar index closed at 80.6, and COMEX silver for March delivery ended at USD 30.2/oz, down USD 0.265/oz.

On January 10, the most active SHFE lead contract price is expected to move between RMB 15,120-15,200/mt, and spot lead prices in China should remain at RMB 14,650-14,800/mt.