SMM Lead Market Morning Review (2013-4-22)

SHANGHAI, Apr. 22 (SMM) – LME lead prices bucked the trend and remained firm after starting at SUD 2,015/mt last Friday. During Asian trading hours, gold rebounded to 1,400, lifting market sentiment, and LME lead prices fluctuated between USD 2,000-2,020/mt. Later, as the Fitch Ratings cut UK’s rating from AAA to AA+, LME lead prices fell to USD 1,990/mt but found buying support to close at USD 2,017.5/mt. Traded volumes fell 1,932 lots to 3,983 lots, while positions increased 6 lots. LME lead inventories increased 75 mt to 259,850 mt.

The US dollar index rose above the 30-day moving average to close at 82.75. COMEX silver for July delivery ended at USD 23.01/oz, down USD 0.235/oz or 1.01%.

SHFE 1306 lead contract price may move between RMB 13,600-13,850/mt on Monday, with spot lead prices expected at RMB 13,650-13,800/mt.