SMM Lead Market Morning Review (2013-1-23)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-23)

Price Review & Forecast 09:32:06AM Jan 23, 2013 Source:SMM

SHANGHAI, Jan. 23 (SMM) – Although US existing home sales for December and Richmond Fed Manufacturing data were reported below expectations, the Bank of England signaled monetary easing overnight, restoring investor confidence. Besides, the US equities rose after starting lower and presented noticeable rallies at the tail of trading. In response, LME lead prices opened at USD 2,298/mt and rose significantly after hovering around USD 2,300/mt, to finally close at USD 2,336.8/mt. Trading volumes for LME lead increased 2,490 lots to 4,332 lots, while positions fell 1,501 lots. LME lead inventories were down 500 to 294,000 mt.

The US dollar index closed at 79.8, and COMEX silver for March delivery ended at USD 32.18/oz, up USD 0.14/oz.

On January 23, the most active SHFE lead contract price is expected to move between RMB 15,150-15,300/mt, and spot lead prices in China are expected at RMB 14,650-14,800/mt.

 

SMM Lead Market Morning Review (2013-1-23)

Price Review & Forecast 09:32:06AM Jan 23, 2013 Source:SMM

SHANGHAI, Jan. 23 (SMM) – Although US existing home sales for December and Richmond Fed Manufacturing data were reported below expectations, the Bank of England signaled monetary easing overnight, restoring investor confidence. Besides, the US equities rose after starting lower and presented noticeable rallies at the tail of trading. In response, LME lead prices opened at USD 2,298/mt and rose significantly after hovering around USD 2,300/mt, to finally close at USD 2,336.8/mt. Trading volumes for LME lead increased 2,490 lots to 4,332 lots, while positions fell 1,501 lots. LME lead inventories were down 500 to 294,000 mt.

The US dollar index closed at 79.8, and COMEX silver for March delivery ended at USD 32.18/oz, up USD 0.14/oz.

On January 23, the most active SHFE lead contract price is expected to move between RMB 15,150-15,300/mt, and spot lead prices in China are expected at RMB 14,650-14,800/mt.