SMM Lead Market Morning Review (2013-7-24)

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.