SMM Lead Market Morning Review (2013-1-25)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-25)

Price Review & Forecast 10:03:55AM Jan 25, 2013 Source:SMM

SHANGHAI, Jan. 25 (SMM) – Although HSBC China Manufacturing PMI was reported positive Thursday, market showed mild response as the result was within expectation. Later, PMI data for Germany and eurozone were reported above expected in January, lending support to the euro. Besides, Conference Board Leading Economic Index rose 0.5%, well beyond the previous data, and jobless claims were down 5,000 to 330,000, raising market confidence. As a result, LME lead prices jumped to a high of USD 2,404/mt to close at USD 2,388/mt. Trading volumes rose 1,414 lots to 8,367 lots, and positions were down 616 lots.

The US dollar index closed at 80.02, and COMEX silver for March delivery closed at USD 31.72/oz, down USD 0.717/oz or 2.21%.

On January 25, the most active SHFE lead contract price is expected to open slightly higher and move between RMB 15,200-15,300/mt, and spot lead prices in China are expected at RMB 14,650-14,800/mt.

 

SMM Lead Market Morning Review (2013-1-25)

Price Review & Forecast 10:03:55AM Jan 25, 2013 Source:SMM

SHANGHAI, Jan. 25 (SMM) – Although HSBC China Manufacturing PMI was reported positive Thursday, market showed mild response as the result was within expectation. Later, PMI data for Germany and eurozone were reported above expected in January, lending support to the euro. Besides, Conference Board Leading Economic Index rose 0.5%, well beyond the previous data, and jobless claims were down 5,000 to 330,000, raising market confidence. As a result, LME lead prices jumped to a high of USD 2,404/mt to close at USD 2,388/mt. Trading volumes rose 1,414 lots to 8,367 lots, and positions were down 616 lots.

The US dollar index closed at 80.02, and COMEX silver for March delivery closed at USD 31.72/oz, down USD 0.717/oz or 2.21%.

On January 25, the most active SHFE lead contract price is expected to open slightly higher and move between RMB 15,200-15,300/mt, and spot lead prices in China are expected at RMB 14,650-14,800/mt.