SMM Lead Market Morning Review (2013-6-4)

SHANGHAI, Jun. 4 (SMM) – LME lead prices started at USD 2,193/mt and moved around USD 2,200/mt during Asian trading hours Monday. During European trading hours, PMI data for euro zone member were reported positive, with the May’s manufacturing PMI for euro zone as a whole hitting a 15-month high. Thus, LME lead prices moved up to USD 2,210-2,220/mt. Later, as the US ISM manufacturing index and building permits were reported poor, LME lead prices fell to USD 2,185.2/mt, but returned above USD 2,200/mt due to the 0.6 decline in the US dollar, to finally end at USD 2,216.3/mt, up USD 17.5/mt. Trading volumes were down 2,399 lots to 7,764 lots, while holdings increased 1,776 lots to 110,668 lots. LME lead inventories fell 2,475 mt to 217,000 mt.

 

The US dollar index slumped 0.6 to 82.66. COMEX silver for July delivery soared 2.15% to USD 22.72/oz.

 

On Tuesday, the LME 1307 lead contract price is expected to move around USD 14,100/mt, while spot lead prices should hold steady at RMB 13,800-13,950/mt.