SMM Lead Market Morning Review (2013-9-6)

SHANGHAI, Sept. 6 (SMM) – The Bank of Japan again kept its monetary policy unchanged at its policy meeting Thursday, exerting little influence on foreign exchange markets. Lead prices on London Metals Exchange (LME) continued to hover around USD 2,130/mt. The US ADP employment data were slightly lower than expected, dragging LME lead to a low of USD 2,116/mt. Later, however, the initial jobless claims last week dropped to 325,000, with the average number for the past four weeks hitting a low never seen since October 2007. Besides, ISM non-manufacturing index also rose to a new high since December 2005 of 58.6, significantly higher than the 55 expected. These positive reports offset the negative influence of ADP job data, driving LME lead to regain some losses before closing at USD 2,132/mt, a decline of USD 4.5/mt from a day earlier. Traded volumes fell 2,705 lots to 3,502 lots, and positions dropped 832 lots.