SMM Lead Market Morning Review (2013-4-23)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-4-23)

Price Review & Forecast 09:33:04AM Apr 23, 2013 Source:SMM

SHANGHAI, Apr. 23 (SMM) – LME lead prices started at USD 2,016/mt and rose to USD 2,045/mt in Asian trading hours due to strong longs. Later, the European and US economic data were mixed. European bond market kept improving and Spanish ten-year bond yields fell below 4.5% for the first time since 2010. The euro zone consumer confidence index for April was better than expectation and previous level. However, the US existing home sales were well below forecasts in March. Thus, LME lead prices closed at USD 2,006/mt, down USD 11.5/mt, with strong support at USD 2,000/mt. Trading volumes were up 943 lots to 4,926 lots, and positions were down 98 lots.

The US dollar index hovered around the 30-day moving average to end at 82.6, and COMEX silver for July delivery closed at USD 23.4/oz, up USD 0.39/oz or 1.69%.

On Tuesday, SHFE 1306 lead contract price is expected to move between RMB 13,650-13,850/mt, and spot lead prices may move between RMB 13,680-13,800/mt.
 

Key Words:  LME lead price   COMEX silver 

SMM Lead Market Morning Review (2013-4-23)

Price Review & Forecast 09:33:04AM Apr 23, 2013 Source:SMM

SHANGHAI, Apr. 23 (SMM) – LME lead prices started at USD 2,016/mt and rose to USD 2,045/mt in Asian trading hours due to strong longs. Later, the European and US economic data were mixed. European bond market kept improving and Spanish ten-year bond yields fell below 4.5% for the first time since 2010. The euro zone consumer confidence index for April was better than expectation and previous level. However, the US existing home sales were well below forecasts in March. Thus, LME lead prices closed at USD 2,006/mt, down USD 11.5/mt, with strong support at USD 2,000/mt. Trading volumes were up 943 lots to 4,926 lots, and positions were down 98 lots.

The US dollar index hovered around the 30-day moving average to end at 82.6, and COMEX silver for July delivery closed at USD 23.4/oz, up USD 0.39/oz or 1.69%.

On Tuesday, SHFE 1306 lead contract price is expected to move between RMB 13,650-13,850/mt, and spot lead prices may move between RMB 13,680-13,800/mt.
 

Key Words:  LME lead price   COMEX silver