SMM Lead Market Morning Review (2013-1-17)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-17)

Price Review & Forecast 09:08:10AM Jan 17, 2013 Source:SMM

SHANGHAI, Jan. 17 (SMM) – LME lead prices started at USD 2,292/mt on January 16. Although the eurozone and US CPI data were reported above expectations, market was not greatly boosted. The US dollar index fluctuated up to stand above the 5-day moving average, driving LME lead prices to fall and to end at USD 2,270.3/mt. Trading volumes for LME lead fell 1,800 lots to 4,119 lots, and positions were down 2,461 lots to around 137,000 lots. LME lead inventories fell to 298,425 mt.

The US dollar index rose to end at 79.85, and COMEX silver for March delivery continued to increase to close at USD 31.54/oz.

On January 17, the SHFE lead 1303 contract price is expected to open lower and move between RMB 15,100-15,200/mt, and spot lead prices in China are expected at RMB 14,600-14,750/mt.
 

SMM Lead Market Morning Review (2013-1-17)

Price Review & Forecast 09:08:10AM Jan 17, 2013 Source:SMM

SHANGHAI, Jan. 17 (SMM) – LME lead prices started at USD 2,292/mt on January 16. Although the eurozone and US CPI data were reported above expectations, market was not greatly boosted. The US dollar index fluctuated up to stand above the 5-day moving average, driving LME lead prices to fall and to end at USD 2,270.3/mt. Trading volumes for LME lead fell 1,800 lots to 4,119 lots, and positions were down 2,461 lots to around 137,000 lots. LME lead inventories fell to 298,425 mt.

The US dollar index rose to end at 79.85, and COMEX silver for March delivery continued to increase to close at USD 31.54/oz.

On January 17, the SHFE lead 1303 contract price is expected to open lower and move between RMB 15,100-15,200/mt, and spot lead prices in China are expected at RMB 14,600-14,750/mt.