SMM Lead Market Morning Review (2013-1-28)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-28)

Price Review & Forecast 09:34:26AM Jan 28, 2013 Source:SMM

SHANGHAI, Jan. 28 (SMM) – LME lead prices opened at USD 2,390/mt last Friday and hit a high of USD 2,420/mt during the Asian trading hours as German business sentiment was reported above expectations and previous figure. However, as the US home sales were reported lower in December and British 4Q GDP missed forecast, LME lead prices surrendered all the earlier gains to close at USD 2,366.8/mt, down USD 21.3/mt. Trading volumes were down 1,811 lots to 6,556 lots, and positions increased 4,111 lots. LME lead inventories dropped 75 mt to 293,800 mt.

The US dollar index closed at 79.75, and COMEX silver for March delivery closed at USD 31.2/oz, down USD 0.516/oz or 1.63%.

On January 28, the most active SHFE lead contract price is expected to move between RMB 15,200-15,340/mt, and spot lead prices in China are expected at RMB 14,700-14,850/mt.


 

SMM Lead Market Morning Review (2013-1-28)

Price Review & Forecast 09:34:26AM Jan 28, 2013 Source:SMM

SHANGHAI, Jan. 28 (SMM) – LME lead prices opened at USD 2,390/mt last Friday and hit a high of USD 2,420/mt during the Asian trading hours as German business sentiment was reported above expectations and previous figure. However, as the US home sales were reported lower in December and British 4Q GDP missed forecast, LME lead prices surrendered all the earlier gains to close at USD 2,366.8/mt, down USD 21.3/mt. Trading volumes were down 1,811 lots to 6,556 lots, and positions increased 4,111 lots. LME lead inventories dropped 75 mt to 293,800 mt.

The US dollar index closed at 79.75, and COMEX silver for March delivery closed at USD 31.2/oz, down USD 0.516/oz or 1.63%.

On January 28, the most active SHFE lead contract price is expected to move between RMB 15,200-15,340/mt, and spot lead prices in China are expected at RMB 14,700-14,850/mt.