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SMM Lead Market Morning Review (2013-11-7)
Nov 7,2013 10:04CST
price review forecast
Source:SMM
LME lead prices will move between USD 2,145-2,170/mt due to great resistance to lurch higher, while SHFE lead prices are expected in RMB 14,250-14,350/mt range.

SHANGHAI, Nov.7 (SMM) – LME lead prices overnight opened slightly higher at USD 2,167/mt and fluctuated between USD 2,150-2,165/mt in Asian trading hours. A string of economic data overnight was mixed. The final services PMIs from France, Germany and the euro zone in October all beat forecast and German factory orders surged by a seasonally adjusted 3.3% in September. However, retail sales in the euro zone fell by a seasonally adjusted 0.6% in September, down far more than expected. During the early European and US trading session, LME lead prices climbed to USD 2,177/mt, but later reached a fresh intraday low of USD 2,150/mt as base metals prices slumped across the board. LME lead prices finally ended at USD 2,160/mt, down USD 6/mt or 0.28%. Transactions remained wary before the release of US Q3 GDP and nonfarm payrolls.      

The US dollar index finished 0.29% lower to 80.48, while the COMEX silver contract for December delivery closed at USD 21.70/oz, up USD 0.095/oz. 

Markets are now awaiting the European Central Bank’s final monetary-policy decision in the evening and the US Q3 GDP. The news that new loans by China’s top four state-owned banks in October hit a new low of 2013 is set to trigger a new round of concerns over China’s liquidity flows. LME lead prices will move between USD 2,145-2,170/mt due to great resistance to lurch higher, while SHFE lead prices are expected in RMB 14,250-14,350/mt range and traded prices for spot lead will fluctuate between RMB 14,100-14,250/mt on Thursday.      
 
LME lead prices
SHFE lead prices

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