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SMM Lead Market Morning Review (2013-7-3)
Jul 3,2013 09:56CST
price review forecast
Source:SMM
LME lead prices started at USD 2,082/mt Tuesday, and crossed above USD 2,100/mt to hit USD 2,108/mt.

SHANGHAI, Jul. 3 (SMM) – LME lead prices started at USD 2,082/mt Tuesday, and crossed above USD 2,100/mt to hit USD 2,108/mt, but resistance at the 30-day moving average remained strong. The US IBD/TIPP Economic Optimism Index was only 47.1 in July, falling behind expectation and previous level. Three major US equities dropped and the US dollar kept climbing to hit a new high of 83.6, dragging LME lead prices to fall to USD 2,081/mt, down USD 8/mt. Trading volumes increased 888 lots to 5,167 lots, and positions were down 3 lots. The US trading market is expected to be quiet as the market will be closed for Independence Day Thursday, and major economic data, including jobless claims last week and ADP employment data, will be released on Wednesday. 

The US dollar index rose to close at 83.55, and COMEX silver for September delivery ended at USD 19.34/zo, down USD 0.16/oz. 
 
On July 3, the most active SHFE 1309 lead contract price is expected to be RMB 13,930-14,000/mt, and spot lead prices may be RMB 13,700-13,800/mt.
 
 
LME lead price
US dollar index

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