SMM Lead Market Morning Review (2013-3-8)

SHANGHAI, Mar. 8 (SMM) – LME lead prices hovered near USD 2,185/mt after opening at USD 2,191/mt during Asian trading hours. Although the Bank of England and the European Central Bank maintained policies unchanged, with foreign exchange market little affected, the US initial jobless claims were reported lower than expectations and previous levels, strengthening investor confidence to nonfarm payrolls to be released Friday. The euro also staged upward trends, driving LME lead prices to hit USD 2,226.5/mt and end at USD 2,210.5/mt, up USD 23.5/mt. Trading volumes were up 1,947 lots to 7,238 lots, and positions increased 1,402 lots to around 121,000 lots.

The US dollar index closed at 82.08, while COMEX silver for May delivery closed at USD 28.86/oz.

On March 8, SHFE 1305 lead contract price will likely move between RMB 14,800-14,950/mt, with spot lead prices in China expected at RMB 14,550-14,650/mt.