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SMM Lead Market Morning Review (2015-4-28)
Apr 28, 2015 11:17CST
Source:SMM
LME lead opened at USD 2,070/mt Monday evening and then lurched up to hit a high of USD 2,107/mt, the highest since middle October 2014. LME lead closed at USD 2,104/mt, up USD 30.5/mt.

SHANGHAI, Apr. 28 (SMM) – LME lead opened at USD 2,070/mt Monday evening and then lurched up to hit a high of USD 2,107/mt, the highest since middle October 2014. LME lead closed at USD 2,104/mt, up USD 30.5/mt. Trading volumes climbed 1,410 to 3,115 lots and positions increased 2,584 to 148,000. LME lead inventories increased 850 to 184,825 mt from 50,150 mt, the first rise since April 2015.

Eyes will be on European and American economic indicators due out Tuesday night, but China’s monetary policy will be the focus. Optimistic sentiment still overshadows today’s market, posting a narrowing rise in lead prices. Spot lead is expected to remain strong with traders quoting high.

A-share, metals and industrial products rose considerably on easy monetary policy. News come that People’s Bank of China plans to employ unconventional measures to stimulate the economy. Anticipation for China’s Quantitative Easing policy pushed China Yuan down 0.41% in a day, the largest intraday drop since March 2014. China’s above-scale industrial profits fell 2.7%, vs. the same period last year, with the drop narrowing 1.5 percentage points.

Markit’s April service PMI from US was 57.8 and composite PMI 57.4, both lower than those in March. Manufacturing index from the Dallas Fed was -16 in April, lower than expected -12, weighing down US dollar index.

Adjustment of Greece negotiating team indicated that Greece is expected to make progress with creditors, pushing up Greece stocks and bonds, European stocks and euro.

US stocks dropped while European stocks increased. US dollar index dropped 0.2%. The most active US crude oil contract prices fell 0.28%. LME base metals rose and LME gold surged 1.92%.

LME lead is expected to hit a new high again since middle October 2014, to move between USD 2,085-2,115/mt. The most active 1506 lead is expected to hover between RMB 13,780-13,900/mt. Spot lead is expected to majorly move between RMB 13,750-13,900/mt.
 

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