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SMM Lead Market Morning Review (2013-11-18)
Nov 18,2013 09:47CST
price review forecast
Source:SMM
Details unveiled lately on the Chinese reform agenda are set to boost markets on Monday. LME lead prices will continue to be weak and fluctuate between USD 2,085-2,115/mt.

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.   

Details unveiled lately on the Chinese reform agenda are set to boost markets on Monday. LME lead prices will continue to be weak and fluctuate between USD 2,085-2,115/mt, while the most active SHFE lead prices are forecast to move in a RMB 14,050-14,150/mt band. In China’s spot lead market, traded prices are expected to hold flat at RMB 13,950-14,100/mt on Monday.   
      
 
LME lead prices
SHFE lead prices

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