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SMM Lead Market Morning Review (2013-6-24)
Jun 24,2013 09:21CST
price review forecast
LME lead prices started last Friday at USD 2,020/mt.

SHANGHAI, Jun. 24 (SMM) – LME lead prices started last Friday at USD 2,020/mt. The US dollar continued to rebound to 82.5 as market was still influenced by Bernanke’s post-FOMC remark. The US 10-year treasury yields rose 12 basis points to 2.45%. In Europe, Greece was again placed under spotlight as the IMF was unwilling to offer the next rescue funds to the country unless the eurozone covers the capital shortage for the Greek bailout, driving Greek 10-year government bond yields to surge 50 basis points. The European equities were further damped with market sentiment turning more pessimistic. LME lead prices thus hovered at USD 2,015-2,035/mt to finally close at USD 2,027.5/mt. Trading volumes fell 2,721 lots to 5,244 lots, while positions increased 5,269 lots to around 123,000 lots. SHFE lead inventories fell 4,100 mt to 199,025 mt.

The US dollar index hit a high of 82.5 before closing at 82.4, with resistance at the 60-day moving average. COMEX silver for July delivery continued to hit new low of USD 19.3/oz and finally closed up USD 0.136/oz at USD 19.96/oz.
On Monday, SHFE 1309 lead contract price is expected to move at RMB 13,900-14,000/mt. Sellers in spot lead markets will increase supplies by the end of the month, and spot lead prices should be RMB 13,700-13,850/mt.
LME lead price
SHFE lead price

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