SMM Lead Market Morning Review (2013-10-9)

Price Review & Forecast 09:40:18AM Oct 09, 2013 Source:SMM

SHANGHAI, Oct. 9 (SMM) – LME lead prices overnight basically trended up and surged to USD 2,080/mt after opening at USD 2,063.3/mt in Asian trading session due to active investors on the market after the Chinese National Day holiday and the weakening US dollar. The prices climbed above USD 2,100/mt in European and US trading hours but later fell under the 120-day moving average, dragged down by the weakness of three major US stock indexes. LME lead prices finally closed at USD 2,092.8/mt with a gain of USD 30.3/mt. Trade volume increased 1,270 lots to 3,638 lots, while positions fell 490 lots to 123,198 lots. LME lead stocks shed 500 mt to 236,800 mt.

 
The US dollar index nudged up 0.14% to end at 80.014, while the COMEX silver contract for December delivery was down USD 0.096/oz to finish at USD 22.29/oz.
 
The partial US government shutdown and debt ceiling worries will still weigh on markets on Wednesday. LME lead prices are expected to fluctuate in USD 2,080-2,100/mt range. The most active SHFE lead contract prices will possibly consolidate around the 5-day moving average, while spot lead prices will trade at RMB 14,000-14,100/mt on Wednesday.   
 

SMM Lead Market Morning Review (2013-10-9)

Price Review & Forecast 09:40:18AM Oct 09, 2013 Source:SMM

SHANGHAI, Oct. 9 (SMM) – LME lead prices overnight basically trended up and surged to USD 2,080/mt after opening at USD 2,063.3/mt in Asian trading session due to active investors on the market after the Chinese National Day holiday and the weakening US dollar. The prices climbed above USD 2,100/mt in European and US trading hours but later fell under the 120-day moving average, dragged down by the weakness of three major US stock indexes. LME lead prices finally closed at USD 2,092.8/mt with a gain of USD 30.3/mt. Trade volume increased 1,270 lots to 3,638 lots, while positions fell 490 lots to 123,198 lots. LME lead stocks shed 500 mt to 236,800 mt.

 
The US dollar index nudged up 0.14% to end at 80.014, while the COMEX silver contract for December delivery was down USD 0.096/oz to finish at USD 22.29/oz.
 
The partial US government shutdown and debt ceiling worries will still weigh on markets on Wednesday. LME lead prices are expected to fluctuate in USD 2,080-2,100/mt range. The most active SHFE lead contract prices will possibly consolidate around the 5-day moving average, while spot lead prices will trade at RMB 14,000-14,100/mt on Wednesday.