SMM Lead Market Morning Review (2013-1-15)

SHANGHAI, Jan. 15 (SMM) – LME lead prices opened at USD 2,306/mt Monday and hovered around the 30-day moving average. During Asian trading hours, the Shanghai Composite Index rallied 3%, sending LME lead up to USD 2,300-2,320/mt. Later, however, as the eurozone November PPI was reported lower than expected and as the US dollar index edged up, LME lead prices fell below USD 2,300/mt to finally close at USD 2,297.8/mt. Trading volumes fell 666 lots to 3,667 lots, and positions were up 50 lots. LME lead inventories fell 1,550 mt to 301,525 mt.

The US dollar index closed at 79.5, and COMEX silver for March delivery ended at USD 31.11/oz, up USD 0.71/oz or 2.34%.

On January 15, the SHFE lead 1303 contract price is expected to move between RMB 15,250-15,350/mt, and spot lead prices in China are expected at RMB 14,650-14,750/mt.