SMM Lead Market Morning Review (2013-4-18)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-4-18)

Price Review & Forecast 09:37:38AM Apr 18, 2013 Source:SMM

SHANGHAI, Apr. 18 (SMM) – LME lead prices opened at USD 2,066.5/mt overnight and moved down along with the falling stocks in China during Asian trading hours. Later, as the IMF slashed global economic growth forecast for 2013 and 2014, and as the UK reported disappointing ILO employment data for February, European and US equities slumped. The US dollar increased more than 1%, dragging LME lead to a low of USD 2,007/mt, with prices finally ending at USD 2,019/mt, down USD 59.8/mt or 2.87%. Traded volumes were up 883 lots to 5,393 lots, and positions fell 60 lots. LME lead inventories dropped 200 mt to 259,475 mt.

The US dollar index regained earlier gains and rose 1% with resistance at the 30-day moving average. COMEX silver for May delivery fluctuated widely and ended at USD 23.31/oz, down USD 0.32/oz or 1.36%.

On Thursday, the most active SHFE lead contract price may fall to RMB 13,700-13,900/mt, and spot lead prices are expected at RMB 13,750-13,900/mt.
 

SMM Lead Market Morning Review (2013-4-18)

Price Review & Forecast 09:37:38AM Apr 18, 2013 Source:SMM

SHANGHAI, Apr. 18 (SMM) – LME lead prices opened at USD 2,066.5/mt overnight and moved down along with the falling stocks in China during Asian trading hours. Later, as the IMF slashed global economic growth forecast for 2013 and 2014, and as the UK reported disappointing ILO employment data for February, European and US equities slumped. The US dollar increased more than 1%, dragging LME lead to a low of USD 2,007/mt, with prices finally ending at USD 2,019/mt, down USD 59.8/mt or 2.87%. Traded volumes were up 883 lots to 5,393 lots, and positions fell 60 lots. LME lead inventories dropped 200 mt to 259,475 mt.

The US dollar index regained earlier gains and rose 1% with resistance at the 30-day moving average. COMEX silver for May delivery fluctuated widely and ended at USD 23.31/oz, down USD 0.32/oz or 1.36%.

On Thursday, the most active SHFE lead contract price may fall to RMB 13,700-13,900/mt, and spot lead prices are expected at RMB 13,750-13,900/mt.