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SMM Lead Market Morning Review (2013-7-29)
Jul 29,2013 09:27CST
price review forecast
Last Friday, LME lead prices opened at USD 2,075/mt and hovered at the level.

SHANGHAI, Jul. 29 (SMM) – Last Friday, Japan’s core CPI for June was reported up 0.4% YoY, its highest since November 2008, but no more important news were reported in Asian trading session. LME lead prices opened at USD 2,075/mt and hovered at the level. Later, the University of Michigan consumer confidence index was 85.1, above the 84.0 expected and hitting the highest level since March 2007. But this gave little support to the US dollar. In addition, JP Morgan announced to exit its physical commodity business and several investment banks lowered forecasts for base metal prices, weighing down markets. Thus, LME lead prices fell to close at USD 2,053.8/mt, down USD 20/mt or 1.01%. Trading volumes increased 621 lots to 3,710 lots, and positions dropped 777 lots to around 110,000 lots. 

The US dollar index continued to fall to end at 81.65, while COMEX silver for September delivery slipped below USD 20/oz to USD 19.99/oz, a decline of USD 0.19/oz.
On Monday, SHFE 1309 lead contract price may start lower and move between RMB 13,820-13,860/mt, and spot lead prices are expected at RMB 13,650-13,750/mt.
LME lead price
US dollar index

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