Home / Metal News /  / SMM Lead Market Morning Review (2013-6-21)
SMM Lead Market Morning Review (2013-6-21)
Jun 21,2013 09:51CST
price review forecast
Source:SMM
LME lead prices started Thursday at USD 2,063/mt.
SHANGHAI, Jun. 21 (SMM) – LME lead prices started Thursday at USD 2,063/mt. Expectation for an early termination of QE continued to influence market and the US dollar index climbed to 82 in the Asian trading hours. The US 10-year treasury yield rose noticeably to 2.43%, dragging down European and US equities, combined with the HSBC China PMI falling to 48.3 in June which indicated further contraction in China’s manufacturing, LME lead prices fell to USD 2,008/mt with support at USD 2,000/mt. Later, the US Conference Board Leading Economic Index was reportedly up 0.1% MoM in May, missing forecast and below previous level, and the Markit manufacturing PMI was 52.2 in June, falling behind the 52.5 expected, reflecting that the US economy may need more time to resume strong growth. The eurozone manufacturing PMI in June edged up but was still below 50. The slew of negative reports eased expectation for Fed’s exit from QE, limiting increase in US dollar. As such, LME lead prices finally closed at USD 2,026.5/mt, down USD 43.8/mt. Trading volumes were up 2,922 lots to7,965 lots, and positions increased 2,286 lots. LME lead inventories fell 1,500 mt to 203,125 mt. 
 
The US dollar index rose above 82 but met resistance at the 20-day moving average to close at 81.8. COMEX silver for July delivery plunged USD 1.77/oz or 8.23% to hit a new 2013 low to USD 19.5/oz and finally ended at USD 19.82/oz. 
 
On Friday, SHFE 1309 lead contract price may move between RMB 13,900-14,000/mt, with spot lead prices expected at RMB 13,750-13,850/mt.
 
LME lead price

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news