SMM Lead Market Morning Review (2013-6-14)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-6-14)

Price Review & Forecast 10:05:03AM Jun 14, 2013 Source:SMM

SHANGHAI, Jun. 14 (SMM) – LME lead market overnight extended declines, briefly sliding below USD 2,100/mt during Asian trading hours from USD 2,123/mt, since Asian stocks generally closed lower, with Nikkei down 6.4%, and SSE off 3.1%. During European trading hours, LME lead market did not be supported by favorable economic results. The US retail sales were up 0.6% in May, a new 3-month high, and the core retail sales were also up, with both above market expectations. The latest initial jobless claims were off 12,000 to 334,000. All these encouraging results helped the US equity advance over 1%. The uncertainty over the QE, however, hit the market, causing LME lead to close at USD 2,091.5/mt, down USD 30.3/mt. Transactions were down 440 lots to 4,538 lots, while positions were off 247 lots to 125,000 lots. LME lead inventories were down 350 mt to 199,975 mt, a new low since November 2, 2010. 

 
In neighboring markets, the US dollar ended at 80.6. COMEX silver futures for July delivery gave up previous gains to finish at USD 21.58/oz, a drop of cents 21.3 or 1%.  
 
The US Federal Reserve interest rate meeting for June will be held next week, and the scale of bond purchasing may be reduced. Hence, market sentiment is cautious. LME lead market is expected to move between USD 2,080-2,100/mt, and SHFE 1306 lead prices will be in the RMB 13,770-13,850/mt on Friday, and spot prices are expected between RMB 13,800-13,900/mt. 

Price

more
1# Zinc
Oct.18
18810.0
-10.0
(-0.05%)
0# Zinc
Oct.18
18880.0
-10.0
(-0.05%)
T/C for domestic zinc concentrate
Oct.01
6325.0
0.0
(0.00%)
T/C for imported zinc concentrate
Oct.01
280.0
0.0
(0.00%)
Zinc Alloy (Zamak3/ZX01)
Oct.18
19780.0
-10.0
(-0.05%)

SMM Lead Market Morning Review (2013-6-14)

Price Review & Forecast 10:05:03AM Jun 14, 2013 Source:SMM

SHANGHAI, Jun. 14 (SMM) – LME lead market overnight extended declines, briefly sliding below USD 2,100/mt during Asian trading hours from USD 2,123/mt, since Asian stocks generally closed lower, with Nikkei down 6.4%, and SSE off 3.1%. During European trading hours, LME lead market did not be supported by favorable economic results. The US retail sales were up 0.6% in May, a new 3-month high, and the core retail sales were also up, with both above market expectations. The latest initial jobless claims were off 12,000 to 334,000. All these encouraging results helped the US equity advance over 1%. The uncertainty over the QE, however, hit the market, causing LME lead to close at USD 2,091.5/mt, down USD 30.3/mt. Transactions were down 440 lots to 4,538 lots, while positions were off 247 lots to 125,000 lots. LME lead inventories were down 350 mt to 199,975 mt, a new low since November 2, 2010. 

 
In neighboring markets, the US dollar ended at 80.6. COMEX silver futures for July delivery gave up previous gains to finish at USD 21.58/oz, a drop of cents 21.3 or 1%.  
 
The US Federal Reserve interest rate meeting for June will be held next week, and the scale of bond purchasing may be reduced. Hence, market sentiment is cautious. LME lead market is expected to move between USD 2,080-2,100/mt, and SHFE 1306 lead prices will be in the RMB 13,770-13,850/mt on Friday, and spot prices are expected between RMB 13,800-13,900/mt.