SMM Lead Market Morning Review (2013-4-12)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-4-12)

Price Review & Forecast 09:20:52AM Apr 12, 2013 Source:SMM

SHANGHAI, Apr. 12 (SMM) – LME lead prices moved between USD 2,080-2,100/mt after starting at USD 2,093/mt overnight. As the US jobless claims for last week were down 42,000 to 346,000, lower than the 365,000 expected, indicating improving employment, market expects the Fed will discuss whether to maintain the easing policy at next week’s regular meeting. Thus, LME lead prices touched a low of USD 2,064/mt but gained strong support at the 5-day moving average to close at USD 2,085.8/mt. Trading volumes increased 565 lots to 4,218 lots, and positions were up 2,575 lots.

The US dollar index closed at 82.27, while the COMEX silver for May delivery closed at USD 27.69/oz, up USD 0.102/oz.

On Friday, the SHFE 1306 lead contract price is expected to be RMB 14,400-14,500/mt, while spot lead prices may be RMB 14,200-14,350/mt.

Key Words:  LME lead price 

SMM Lead Market Morning Review (2013-4-12)

Price Review & Forecast 09:20:52AM Apr 12, 2013 Source:SMM

SHANGHAI, Apr. 12 (SMM) – LME lead prices moved between USD 2,080-2,100/mt after starting at USD 2,093/mt overnight. As the US jobless claims for last week were down 42,000 to 346,000, lower than the 365,000 expected, indicating improving employment, market expects the Fed will discuss whether to maintain the easing policy at next week’s regular meeting. Thus, LME lead prices touched a low of USD 2,064/mt but gained strong support at the 5-day moving average to close at USD 2,085.8/mt. Trading volumes increased 565 lots to 4,218 lots, and positions were up 2,575 lots.

The US dollar index closed at 82.27, while the COMEX silver for May delivery closed at USD 27.69/oz, up USD 0.102/oz.

On Friday, the SHFE 1306 lead contract price is expected to be RMB 14,400-14,500/mt, while spot lead prices may be RMB 14,200-14,350/mt.

Key Words:  LME lead price