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SMM Lead Market Morning Review (2013-7-26)
Jul 26,2013 09:40CST
price review forecast
LME lead prices were started at USD 2,063/mt on Thursday.

SHANGHAI, Jul. 26 (SMM) – LME lead prices were started at USD 2,063/mt on Thursday. Although the UK Q2 GDP growth was reported above expectation at 1.4%, LME lead prices remained under resistance at USD 2,075/mt and mainly moved at USD 2,050-2,070/mt in Asian trading hours. Later, the US durable goods orders were reported up 4.2% in June, well above the 1.4% expected, but last week’s initial jobless claims were slightly worse than the 340,000 expected at 343,000. The mixed data increased volatility in lead prices. At the tail of trading, as Jon Hilsenrath wrote that Fed will probably keep its bond-buying program unchanged, non-US currencies staged a strong rally, and LME lead prices rose again and finally ended at USD 2,074.8/mt. Trading volumes were down 31 lots to 3,089 lots, while positions fell 1,825 lots to some 111,000 lots. 

The US dollar index fell below 82 to 81.78. COMEX silver for September delivery hovered around USD 20/oz and closed USD 0.18/oz or nearly 1% at USD 20.18/oz.
On Friday, the most active SHFE 1309 lead contract price may move at RMB 13,850-13,880/mt, with spot lead prices expected at RMB 13,700-13,800/mt.
LME lead price

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