SMM Lead Market Morning Review (2013-4-24)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-4-24)

Price Review & Forecast 09:46:47AM Apr 24, 2013 Source:SMM

SHANGHAI, Apr. 24 (SMM) – LME lead prices opened at USD 2,010/mt in Asian trading hours Tuesday and dipped to a low of USD 1,982/mt along with falling Chinese stocks as the HSBC China flash PMI for March was reported lower than expected and previous level. Later, PMI data for the US, Germany, and euro zone also turned out disappointing, but the US new home sales grew in March and US and European equities increased noticeably. As a result, LME lead prices rose to end at USD 2,008.3/mt. Traded volumes were down 61 lots to 4,865 lots, and positions were down 1,147 lots. LME lead inventories fell 1,025 mt to 258,825 mt.

 
The US dollar index rebounded to 83 and closed at 83.04. COMEX silver for July delivery moved down to USD 22.87/zo, a decline of USD 0.534/oz or 2.28%.
 
SHFE 1306 lead contract price is expected to move between RMB 13,700-13,880/mt on April 24, while spot lead prices may be RMB 13,700-13,880/mt, and downstream buying interest will improve.
 

SMM Lead Market Morning Review (2013-4-24)

Price Review & Forecast 09:46:47AM Apr 24, 2013 Source:SMM

SHANGHAI, Apr. 24 (SMM) – LME lead prices opened at USD 2,010/mt in Asian trading hours Tuesday and dipped to a low of USD 1,982/mt along with falling Chinese stocks as the HSBC China flash PMI for March was reported lower than expected and previous level. Later, PMI data for the US, Germany, and euro zone also turned out disappointing, but the US new home sales grew in March and US and European equities increased noticeably. As a result, LME lead prices rose to end at USD 2,008.3/mt. Traded volumes were down 61 lots to 4,865 lots, and positions were down 1,147 lots. LME lead inventories fell 1,025 mt to 258,825 mt.

 
The US dollar index rebounded to 83 and closed at 83.04. COMEX silver for July delivery moved down to USD 22.87/zo, a decline of USD 0.534/oz or 2.28%.
 
SHFE 1306 lead contract price is expected to move between RMB 13,700-13,880/mt on April 24, while spot lead prices may be RMB 13,700-13,880/mt, and downstream buying interest will improve.