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SMM Lead Market Morning Review (2013-7-24)
Jul 24,2013 10:15CST
price review forecast
Source:SMM
LME lead prices opened at USD 2,055/mt and hovered at USD 2,050/mt during Asian trading hours.

SHANGHAI, Jul. 24 (SMM) – LME lead prices opened at USD 2,055/mt and hovered at USD 2,050/mt during Asian trading hours. The US house price index in May was reported up 0.7%, worse than the 0.8% growth expected, and Richmond Fed manufacturing index for July was at an unexpected low of -11, missing forecast, adding to market concerns over the US manufacturing. Thus, US dollar fell below 82, while the euro strengthened, driving LME lead to move up and finally end at USD 2,065/mt, up USD 9.8/mt. Trading volumes were down 488 lots to 2,442 lots, while positions increased 203 lots.

 
The US dollar index closed at 82, and COMEX silver for September delivery met resistance at the 40-day moving average to close at USD 20.45/oz, down USD 0.055/oz.
 
On Wednesday, SHFE 1309 lead contract price is expected to move between RMB 13,850-13,880/mt, and spot lead prices should be RMB 13,700-13,800/mt. 
 
LME lead price

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