SMM Lead Market Morning Review (2013-1-11)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-11)

Price Review & Forecast 09:52:09AM Jan 11, 2013 Source:SMM

SHANGHAI, Jan. 11 (SMM) – The Bank of England and the European Central Bank announced to keep their interest rate unchanged overnight, and the ECB chief stressed that the eurozone economy is now recovering. Besides, Spain’s first bond auction in 2013 turned out successful and raised EUR 5.8 billion of funds, far beyond the expected level, indicating investors’ confidence in eurozone recovery. As such, the US dollar index fell, sending LME lead prices to an increase after opening at USD 2,317/mt, with prices closing USD 30/mt higher at USD 2,348/mt, a growth of 1.31%. Trading volumes fell 1,881 lots to 3,698 lots, and positions were down 2,419 lots to about 138,000 lots. LME lead inventories fell 1,600 mt to 304,650 mt.

The US dollar index closed at 79.8, down over 1%, and COMEX silver for March delivery ended at USD 30.8/oz, up USD 0.718/oz or 2.38%.

On January 11, the SHFE lead 1302 contract price is expected to be RMB 15,150-15,270/mt, and spot lead prices in China are expected at RMB 14,700-14,850/mt.

 

Price

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SMM #1 Nickel
Oct.17
131500.0
-2900.0
(-2.16%)
#1 JinChuan Nickel
Oct.17
131600.0
-2950.0
(-2.19%)
#1 Import Nickel
Oct.17
131350.0
-2900.0
(-2.16%)
JinChuan B&C
Oct.17
3100.0
650.0
(26.53%)
Russian nickel premium
Oct.17
2950.0
800.0
(37.21%)

SMM Lead Market Morning Review (2013-1-11)

Price Review & Forecast 09:52:09AM Jan 11, 2013 Source:SMM

SHANGHAI, Jan. 11 (SMM) – The Bank of England and the European Central Bank announced to keep their interest rate unchanged overnight, and the ECB chief stressed that the eurozone economy is now recovering. Besides, Spain’s first bond auction in 2013 turned out successful and raised EUR 5.8 billion of funds, far beyond the expected level, indicating investors’ confidence in eurozone recovery. As such, the US dollar index fell, sending LME lead prices to an increase after opening at USD 2,317/mt, with prices closing USD 30/mt higher at USD 2,348/mt, a growth of 1.31%. Trading volumes fell 1,881 lots to 3,698 lots, and positions were down 2,419 lots to about 138,000 lots. LME lead inventories fell 1,600 mt to 304,650 mt.

The US dollar index closed at 79.8, down over 1%, and COMEX silver for March delivery ended at USD 30.8/oz, up USD 0.718/oz or 2.38%.

On January 11, the SHFE lead 1302 contract price is expected to be RMB 15,150-15,270/mt, and spot lead prices in China are expected at RMB 14,700-14,850/mt.