SMM Lead Market Morning Review (2013-7-19)

SHANGHAI, Jul. 19 (SMM) – LME lead prices opened at USD 2,030/mt Thursday and moved between USD 2,015-2,030/mt in Asian trading hours due to a lack of major economic events. In European and US trading hours, the US initial jobless claims for last week were reported at 334,000, better than the 345,000 expected and the previous 360,000. Besides, the Philadelphia Fed manufacturing index posted a record gain. The upbeat economic figures give a boost to base metals and LME lead prices rose USD 10.8/mt to close at an intraday high of USD 2,043.8/mt. Trading volumes were down 531 lots to 4,082 lots, and positions fell 60 lots to 114,000 lots. LME lead inventories fell 400 mt to 196,475 mt.