SMM Lead Market Morning Review (2013-11-5)

SHANGHAI, Nov. 5 (SMM) – LME lead prices started at USD 2,183/mt during Asian trading hours Monday and moved around USD 2,180/mt. In the European and US trading hours, the euro zone PMI was reported at 51.3, staying above 50 for a fourth month straight, and the US factory orders were also positive. However, market gave these data a lukewarm reaction and remained under the influence of QE tapering. LME lead prices extended losses in response, and dipped to a low of USD 2,150/mt before finally closing at USD 2,166/mt, down USD 17/mt. The prices in European trading session will continue to be weaker than those in Asian trading hours Tuesday. Traded volumes were down 774 lots to 4,389 lots, while positions dropped by 149 lots to 124,317 lots.