SMM Lead Market Morning Review (2013-1-14)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-14)

Price Review & Forecast 09:22:15AM Jan 14, 2013 Source:SMM

SHANGHAI, Jan. 14 (SMM) – The expanded China CPI for December weighed on stock markets, driving LME lead prices to fluctuate down after opening at USD 2,346/mt Friday. Later, as the UK manufacturing and production data were reported well below expectations, market confidence was depressed, and LME lead prices continued to fall to end at USD 2,305/mt with support at the 30-day moving average. Trading volumes increased 635 lots to 4,333 lots, and positions were up 720 lots. LME lead inventories fell 1,757 mt to 303,075 mt.

The US dollar index closed at 75.98, down over 1%, and COMEX silver for March delivery ended at USD 30.4/oz, down USD 0.518/oz or 1.68%.

On January 14, the SHFE lead 1302 contract price is expected to move between RMB 15,130-15,230/mt, and spot lead prices in China are expected at RMB 14,650-14,800/mt.

 

SMM Lead Market Morning Review (2013-1-14)

Price Review & Forecast 09:22:15AM Jan 14, 2013 Source:SMM

SHANGHAI, Jan. 14 (SMM) – The expanded China CPI for December weighed on stock markets, driving LME lead prices to fluctuate down after opening at USD 2,346/mt Friday. Later, as the UK manufacturing and production data were reported well below expectations, market confidence was depressed, and LME lead prices continued to fall to end at USD 2,305/mt with support at the 30-day moving average. Trading volumes increased 635 lots to 4,333 lots, and positions were up 720 lots. LME lead inventories fell 1,757 mt to 303,075 mt.

The US dollar index closed at 75.98, down over 1%, and COMEX silver for March delivery ended at USD 30.4/oz, down USD 0.518/oz or 1.68%.

On January 14, the SHFE lead 1302 contract price is expected to move between RMB 15,130-15,230/mt, and spot lead prices in China are expected at RMB 14,650-14,800/mt.