SMM Lead Market Morning Review (2013-1-24)

SHANGHAI, Jan. 24 (SMM) – LME lead prices started at USD 2,335/mt January 23 and staged biggest gain among base metals. As the US House passes temporary debt ceiling rise overnight to extend the debt limit until mid-May, LME lead prices increased to hit a high of USD 2,389/mt and finally ended at USD 2,368/mt, up USD 31.3/mt. Trading volumes for LME lead increased 2,621 lots to 6,953 lots, while positions fell 1,258 lots to around 131,000 lots. LME lead inventories were down 50 to 293,950 mt.

The US dollar index closed at 79.97, and COMEX silver for March delivery closed USD 0.26/mt higher at USD 32.44/oz.

On January 24, the most active SHFE lead contract price is expected to move between RMB 15,200-15,350/mt, and spot lead prices in China are expected at RMB 14,680-14,830/mt.