SMM Lead Market Morning Review (2013-7-9)

SHANGHAI, Jul. 9 (SMM) – LME lead prices started Monday at USD 2,032.3/mt and stabilized during Asian trading hours along with European equities. Later, the approval of bailout funds for Greece and the speech of the European Central Bank chairman about maintaining the easing policies prevented the euro from falling further, and the European equities increased some 2%. Thus, LME lead prices continued to rise and regained all losses since last Friday, to finally close at USD 2,073.8/mt, up USD 42.5/mt or over 2%. Trading volumes declined 3,611 lots to 3,040 lots, and positions dropped 1,549 lots to around 120,000 lots. LME lead inventories fell 1,150 mt to 196,175 mt. 

 

The US dollar index remained above 84 and ended at 84.2. COMEX silver for September delivery rose USD 13.8/oz to USD 19.03/oz.

 

On Tuesday, the most active SHFE 1309 lead contract price is expected to open slight higher to move between RMB 13,850-13,920/mt, and spot lead prices may be RMB 13,650-13,750/mt.