SMM Lead Market Morning Review (2013-2-4)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-2-4)

Price Review & Forecast 09:15:45AM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – Last Friday, the US non-farm payrolls were reported flat at previous data, but ISM manufacturing index for January climbed to 53.1 from December’s 50.2, a high last seen in April last year, indicating the accelerated expansion in US manufacturing sectors. The eurozone unemployment rate staged a unexpected decline from 11.8% to 11.7%, lending support to the Euro, and driving the US equities to gain over 1%. As a result, LME lead prices rose to USD 2,467/mt after opening at USD 2,430/mt and ended at USD 2,461.3/mt.  Trading volumes fell 2,669 lots to 5,197 lots, and positions fell 806 lots. LME lead inventories were down 725 mt to 290,125 mt.

The US dollar index touched a low of 78.9 before closing at 79.16, and COMEX silver for March delivery closed at USD 31.96/oz, up USD 0.607/oz or 1.94%.

On February 4, the SHFE 1304 lead contract price should move between RMB 15,470-15,600/mt, and spot lead prices in China are expected at RMB 14,850-15,000/mt.

SMM Lead Market Morning Review (2013-2-4)

Price Review & Forecast 09:15:45AM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – Last Friday, the US non-farm payrolls were reported flat at previous data, but ISM manufacturing index for January climbed to 53.1 from December’s 50.2, a high last seen in April last year, indicating the accelerated expansion in US manufacturing sectors. The eurozone unemployment rate staged a unexpected decline from 11.8% to 11.7%, lending support to the Euro, and driving the US equities to gain over 1%. As a result, LME lead prices rose to USD 2,467/mt after opening at USD 2,430/mt and ended at USD 2,461.3/mt.  Trading volumes fell 2,669 lots to 5,197 lots, and positions fell 806 lots. LME lead inventories were down 725 mt to 290,125 mt.

The US dollar index touched a low of 78.9 before closing at 79.16, and COMEX silver for March delivery closed at USD 31.96/oz, up USD 0.607/oz or 1.94%.

On February 4, the SHFE 1304 lead contract price should move between RMB 15,470-15,600/mt, and spot lead prices in China are expected at RMB 14,850-15,000/mt.