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SMM Lead Market Morning Review (2013-11-13)
Nov 13,2013 10:14CST
price review forecast
Source:SMM
With no major positive news expected on Wednesday, LME lead prices are forecast to move in USD 2,090-2,120/mt range.

SHANGHAI, Nov.13 (SMM) – LME lead prices overnight extended a losing streak after starting at USD 2,127/mt in Asian trading hours, held back by a resurgent US dollar. Metals prices were not boosted by a reform agenda unveiled from the just concluded 3rd Plenary Session of the 18th Communist Party of China (CPC) Central Committee, which pushed up the Shanghai Composite Index. During European and the US trading session, speeches delivered by three officials from the US Federal Reserve fueled expectations over its tapering in the FOMC’s policy meeting which ends on December 18. Such expectations weighed down on markets as a whole. In response, LME lead reached a low of USD 2,101/mt and finally closed at USD 2,108.8/mt, down USD 18.3/mt. Traded volumes increased 1,763 lots to 5,015 lots, while positions reduced 220 lots to 122,230 lots and LME lead stocks were flat at 233,000 mt.

The US dollar index inched up to 81.15, while the COMEX silver contract for December delivery eased USD 0.65/oz to end at USD 20.69/oz.  

With no major positive news expected on Wednesday, LME lead prices are forecast to move in USD 2,090-2,120/mt range, while the most active SHFE lead prices are expected between RMB 14,050-14,150/mt. In China’s spot lead market, prices are set to hover between RMB 14,000-14,100/mt on Wednesday. 
 
LME lead prices
SHFE lead prices

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