SMM Lead Market Morning Review (2013-11-18)

SHANGHAI, Nov.18 (SMM) – LME lead prices overnight opened at USD 2,101/mt in Asian trading hours. Market sentiment recovered to some extent, helped by the upward Shanghai Composite Index and corrections of technical indicators. LME lead prices reached a high of USD 2,111/mt, but fell below USD 2,100/mt at the tail of the trading due to the outflow of money for risk aversion. During European and the US trading session, the US industrial production slipped 0.1% in October, while readings on New York Empire manufacturing index also underperformed. In response, the US dollar index edged down. Combined with a boost of market sentiment from fresh details of China’s reform, LME lead pared some losses to close at USD 2,097.8/mt, down USD 5/mt. Trading volumes shed 1,198 lots to 4,262 lots, while positions gained 1,614 lots to 122,940 lots and LME lead stocks were flat at 236,675 mt. 

The US dollar index eased 0.18% to 80.845, while the COMEX silver contract for December delivery rose USD 0.048/oz to finish at USD 20.77/oz.