SMM Lead Market Morning Review (2013-10-11)

SHANGHAI, Oct. 11 (SMM) – With a lack of clear market direction, LME lead prices overnight fluctuated narrowly between the 5-day moving average and the 20-day moving average after starting at USD 2,076.3/mt in Asian trading hours. During the European and US trading session, LME lead contract prices reached an intraday low of USD 2,063/mt. The market later was heartened by the news that Republicans offered a six-week increase in the federal debt ceiling in exchange for negotiations with President Obama, pushing off the threat of default until November. As a result, the European and US stocks advanced significantly, and LME lead prices arrested some declines to end at USD 2,079.8/mt, down USD 0.3/mt. Trade volume shed by 923 lots to 2,930 lots, while positions contracted by 65 lots to 123,432 lots.