SMM Lead Market Morning Review (2013-7-5)

SHANGHAI, Jul. 5 (SMM) – LME lead prices hovered between USD 2,070-2,085/mt after opening at USD 2,075/mt during Asian trading hours Thursday. The US trading market was closed for Independent Day. In European trading session, the European Central Bank and Bank of England both maintained their interest rate policies unchanged with easing measures continued. The euro fell sharply while US dollar headed towards 84. But LME lead prices only inched lower with strong support at the 60-day moving average and market staying cautious before the release of the US nonfarm payrolls. Hence, LME lead prices eventually ended at USD 2,068/mt, down USD 15.5/mt. Trading volumes dropped 2,799 lots to 1,743 lots, and positions fell 922 lots to 118,000 lots.