SMM Lead Market Morning Review (2013-3-15)

SHANGHAI, Mar. 15 (SMM) – LME lead prices started at SUD 2,248/mt overnight and gained buying support to increase to USD 2,263/mt. Later, as the US initial jobless claims were reported lower than expectation and previous figure, further confirming a steady recovery in employment, the Dow closed higher for the 10th consecutive day, and the US dollar hit a high of 83.16 but soon fell back to 82.5. In response, LME lead prices hovered near USD 2,250/mt and finally ended at USD 2,250.8/mt. Trading volumes were down 2,368 lots to 3,485 lots, while positions were up 1,423 lots to around 117,000 lots. LME lead inventories fell 2,400 mt to 279,000 mt.

The US dollar index fell to close at 82.5, and COMEX silver for May delivery ended at USD 28.81/oz, a decline of USD 0.193/oz.

On March 15, SHFE 1305 lead contract price should move between RMB 14,670-14,770/mt, with spot lead prices in China expected at RMB 14,500-14,600/mt.