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SMM Lead Market Morning Review (2013-7-8)
Jul 8,2013 10:06CST
price review forecast
Source:SMM
LME lead prices dropped below USD 2,000/mt after opening at USD 2,067.5/mt, but rose slightly before closing at USD 2,031.3/mt.

SHANGHAI, Jul. 8 (SMM) – The US nonfarm payrolls were reported up 195,000 in June, exceeding the 165,000 expected and the previous 175,000, with unemployment rate unchanged at 7.6%. The recovering employment aggravated market concerns over Fed’s exit from QE3. US dollar kept rising to a new high since July 2010 and tended to increase further. S&P lowered the outlook for Portugal from “Stable” to “Negative” due to the political uncertainties in the country, driving the euro to a new low of the year of 1.28. Base metals thus fell across the board, and LME lead prices dropped below USD 2,000/mt after opening at USD 2,067.5/mt, but rose slightly before closing at USD 2,031.3/mt, down USD 36.8/mt. Trading volumes were up 4,908 lots to 6,651 lots, and positions increased 3,207 lots to around 122,000 lots. LME lead inventories dropped 250 mt to 197,325 mt.

 
The US dollar index ended at 84.44 after touching a high of 84.59. COMEX silver for September delivery fell back down to close at USD 18.9/oz, down USD 0.625/oz or 3.2% from the previous day.
 
On July 8, the SHFE 1309 lead contract price is expected to move between RMB 13,820-13,900/mt, and spot lead prices in domestic markets may be RMB 13,650-13,750/mt.
 
LME lead
COMEX silver
US dollar

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