SMM Lead Market Morning Review (2013-4-10)

SHANGHAI, Apr. 10 (SMM) – LME lead prices continued to rise overnight after starting at USD 2,063.8/mt. The US dollar index fell to 82.3 as positive expectations for financial reports of US companies pushed up US equities and as market believed the Fed would maintain the easing policies. LME lead prices thus rose to USD 2,100/mt but met resistance at the 10-day moving average to close at USD 2,090/mt, up USD 27.8/mt or 1.35%. Trading volumes increased 436 lots to 3,508 lots, while positions fell 619 lots to around 111,000 lots. LME lead inventories fell 150 mt to 260,400 mt.

The US dollar index closed lower at 82.3, and COMEX silver for May delivery rallied to USD 27.88/oz, up USD 0.781/oz or 2.88%.

SHFE 1306 lead contract price is expected to move between RMB 14,450-14,550/mt, while spot lead prices should be RMB 14,250-14,350/mt, with trading expected to improve.