SMM Lead Market Morning Review (2013-1-29)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-1-29)

Price Review & Forecast 09:44:11AM Jan 29, 2013 Source:SMM

SHANGHAI, Jan. 29 (SMM) – LME lead prices opened at USD 2,365/mt Monday and fell to USD 2,356/mt during the Asian trading hours due to a lack of important news. Later, as the US economic data were reported mixed, with December pending home sales below expectations while durable goods orders beating previous figure and forecast, the US dollar index dropped slightly, boosting market confidence. As such, LME lead prices regained some losses and closed at USD 2,379.5/mt, up USD 12.8/mt. Trading volumes were down 2,006 lots to 4,550 lots, and positions increased 1,002 lots to around 136,000 lots. LME lead inventories dropped 75 mt to 293,725 mt.

The US dollar index closed at 79.76, and COMEX silver for March delivery closed at USD 30.78/oz, down USD 0.426/oz or 1.37%.

On January 29, the most active SHFE lead contract price is expected to move between RMB 15,250-15,330/mt, and spot lead prices in China are expected at RMB 14,700-14,860/mt.
 

Key Words:  LME lead prices 

SMM Lead Market Morning Review (2013-1-29)

Price Review & Forecast 09:44:11AM Jan 29, 2013 Source:SMM

SHANGHAI, Jan. 29 (SMM) – LME lead prices opened at USD 2,365/mt Monday and fell to USD 2,356/mt during the Asian trading hours due to a lack of important news. Later, as the US economic data were reported mixed, with December pending home sales below expectations while durable goods orders beating previous figure and forecast, the US dollar index dropped slightly, boosting market confidence. As such, LME lead prices regained some losses and closed at USD 2,379.5/mt, up USD 12.8/mt. Trading volumes were down 2,006 lots to 4,550 lots, and positions increased 1,002 lots to around 136,000 lots. LME lead inventories dropped 75 mt to 293,725 mt.

The US dollar index closed at 79.76, and COMEX silver for March delivery closed at USD 30.78/oz, down USD 0.426/oz or 1.37%.

On January 29, the most active SHFE lead contract price is expected to move between RMB 15,250-15,330/mt, and spot lead prices in China are expected at RMB 14,700-14,860/mt.
 

Key Words:  LME lead prices