SMM Lead Market Morning Review (2013-1-16)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-16)

Price Review & Forecast 09:45:26AM Jan 16, 2013 Source:SMM

SHANGHAI, Jan. 16 (SMM) – LME lead prices opened at USD 2,303/mt Tuesday and dipped to a low of USD 2,207/mt during Asian trading hours due to the increased in the US dollar index. Later, as the UK’s CPI for December was reported within expectations and as the US December retail sales beat forecast and previous data, LME lead prices regained some earlier losses to end at USD 2,291/mt, with resistance at the 30-day moving average. Trading volumes increased 2,252 lots to 5,919 lots, and positions were up 1,087 lots to around 140,000 lots. LME lead inventories fell 1,550 mt to 299,975 mt.

The US dollar index closed at 79.7, and COMEX silver for March delivery ended at USD 31.5/oz, up USD 0.39/oz or 1.25%.

On January 15, the SHFE lead 1303 contract price is expected to move between RMB 15,150-15,230/mt, and spot lead prices in China are expected at RMB 14,600-14,750/mt.
 

SMM Lead Market Morning Review (2013-1-16)

Price Review & Forecast 09:45:26AM Jan 16, 2013 Source:SMM

SHANGHAI, Jan. 16 (SMM) – LME lead prices opened at USD 2,303/mt Tuesday and dipped to a low of USD 2,207/mt during Asian trading hours due to the increased in the US dollar index. Later, as the UK’s CPI for December was reported within expectations and as the US December retail sales beat forecast and previous data, LME lead prices regained some earlier losses to end at USD 2,291/mt, with resistance at the 30-day moving average. Trading volumes increased 2,252 lots to 5,919 lots, and positions were up 1,087 lots to around 140,000 lots. LME lead inventories fell 1,550 mt to 299,975 mt.

The US dollar index closed at 79.7, and COMEX silver for March delivery ended at USD 31.5/oz, up USD 0.39/oz or 1.25%.

On January 15, the SHFE lead 1303 contract price is expected to move between RMB 15,150-15,230/mt, and spot lead prices in China are expected at RMB 14,600-14,750/mt.