SMM Lead Market Morning Review (2013-7-12)

SHANGHAI, Jul. 12 (SMM) – LME lead prices started Thursday at USD 2,081/mt and increased in Asian trading session due to Bernanke’s remark on maintaining the easing policies which sent the US dollar down and the rising equities across the globe. Nasdaq closed at a 13-year high and the Shanghai Composite Index also jumped 3.23%. As a result, LME lead prices broke above the mid-Bollinger band to touch a high of USD 2,115/mt. But the increase was arrested by disappointing initial jobless claims for last week which hit 360,000, well beyond the previous level. The euro fell in response with the US dollar recovering. Thus, LME lead prices surrendered all gains earlier and closed at USD 2,070.8/mt. Trading volumes were up 3,563 lots to 7,294 lots, and positions fell 129 lots.