SMM Lead Market Morning Review (2013-10-14)-Shanghai Metals Market

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SMM Lead Market Morning Review (2013-10-14)

Price Review & Forecast 09:52:23AM Oct 14, 2013 Source:SMM

SHANGHAI, Oct. 14 (SMM) – LME lead prices overnight trended up as the proposal by the US Republicans to delay the deadline of the US debt limit to November 22 from October 17 without attaching conditions fueled market optimism. The prices thus climbed to USD 2,100/mt after starting at USD 2,069/mt but later fell back to USD 2,080/mt due to strong resistance. However, LME lead prices finally closed USD 25.3/mt higher at USD 2,105/mt with more longs entering into the market at the tail of the trading. Trade volume expanded by 787 lots to 3,717 lots, while positions shrank by 1,152 lots to 122,280 lots. LME lead stocks were flat at 236,725 mt.            

The US dollar index inched down 0.07% to close at 80.43, while the COMEX silver contract for December delivery tumbled by USD 0.566/oz to finish at USD 21.33/oz.      

The veto of two proposals by the US House of Representatives and Senate overnight casted a shadow on the markets, while positive market expectations over China’s copper imports and China’s PPI due on Monday morning will possibly bolster the markets on Monday. In this context, LME lead prices are expected to move between USD 2,080-2,110/mt, while the most active SHFE lead contract prices will fluctuate in RMB 14,100-14,200/mt range on Monday. In spot lead market, the prices will hover between RMB 14,000-14,100/mt.    

SMM Lead Market Morning Review (2013-10-14)

Price Review & Forecast 09:52:23AM Oct 14, 2013 Source:SMM

SHANGHAI, Oct. 14 (SMM) – LME lead prices overnight trended up as the proposal by the US Republicans to delay the deadline of the US debt limit to November 22 from October 17 without attaching conditions fueled market optimism. The prices thus climbed to USD 2,100/mt after starting at USD 2,069/mt but later fell back to USD 2,080/mt due to strong resistance. However, LME lead prices finally closed USD 25.3/mt higher at USD 2,105/mt with more longs entering into the market at the tail of the trading. Trade volume expanded by 787 lots to 3,717 lots, while positions shrank by 1,152 lots to 122,280 lots. LME lead stocks were flat at 236,725 mt.            

The US dollar index inched down 0.07% to close at 80.43, while the COMEX silver contract for December delivery tumbled by USD 0.566/oz to finish at USD 21.33/oz.      

The veto of two proposals by the US House of Representatives and Senate overnight casted a shadow on the markets, while positive market expectations over China’s copper imports and China’s PPI due on Monday morning will possibly bolster the markets on Monday. In this context, LME lead prices are expected to move between USD 2,080-2,110/mt, while the most active SHFE lead contract prices will fluctuate in RMB 14,100-14,200/mt range on Monday. In spot lead market, the prices will hover between RMB 14,000-14,100/mt.