SMM Lead Market Morning Review (2013-4-8)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-4-8)

Price Review & Forecast 09:04:58AM Apr 08, 2013 Source:SMM

SHANGHAI, Apr. 8 (SMM) – LME lead prices stopped falling last Thursday as Cyprus and the IMF reached a EUR 1 billion bailout deal, easing concerns over the euro zone economy, but with resistance at the 5-day moving average. On Friday, however, the US non-farm payrolls hit a nine-month low, largely hurting market confidence despite that unemployment rate hit a new low since December 2008 to 7.6%. LME lead prices thus fell back to end the week at USD 2,047/mt, down USD 30/mt or 1.44% from a day earlier. Trading volumes fell 216 lots to 6,182 lots Friday, and positions fell 1,470 lots to around 112,000 lots. LME lead inventories fell to 260,400 mt.

The US dollar index edged down after hitting a high of 83.49 to close at 82.6, and COMEX silver for May delivery closed up USD 0.42/oz or 1.57% at USD 27.22/oz.

On April 8, the SHFE 1306 lead contract price is expected to begin lower and move between RMB 14,350-14,450/mt, and spot lead prices in China will be RMB 14,200-14,350/mt.
 

SMM Lead Market Morning Review (2013-4-8)

Price Review & Forecast 09:04:58AM Apr 08, 2013 Source:SMM

SHANGHAI, Apr. 8 (SMM) – LME lead prices stopped falling last Thursday as Cyprus and the IMF reached a EUR 1 billion bailout deal, easing concerns over the euro zone economy, but with resistance at the 5-day moving average. On Friday, however, the US non-farm payrolls hit a nine-month low, largely hurting market confidence despite that unemployment rate hit a new low since December 2008 to 7.6%. LME lead prices thus fell back to end the week at USD 2,047/mt, down USD 30/mt or 1.44% from a day earlier. Trading volumes fell 216 lots to 6,182 lots Friday, and positions fell 1,470 lots to around 112,000 lots. LME lead inventories fell to 260,400 mt.

The US dollar index edged down after hitting a high of 83.49 to close at 82.6, and COMEX silver for May delivery closed up USD 0.42/oz or 1.57% at USD 27.22/oz.

On April 8, the SHFE 1306 lead contract price is expected to begin lower and move between RMB 14,350-14,450/mt, and spot lead prices in China will be RMB 14,200-14,350/mt.