SMM Lead Market Morning Review (2015-5-25)

Published: May 25, 2015 10:31

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Janet Yellen’s hawkish speech sent US dollar up and metals prices down last Friday.

SHANGHAI, May 25(SMM) – Janet Yellen’s hawkish speech sent US dollar up and metals prices down last Friday. LME lead moved around the 40-day moving average during Asian trading hours but slipped during European and US trading hours, to end at USD 1,945/mt, down USD 32.5/mt or 1.64%. Trading volumes dropped 1,018 to 4,174 lots while positions rose 1,377 to 150,134. LME inventories fell 1,785 to 39,224 mt.

US April core CPI rose 0.3%, hitting a fresh high since January 2013. Janet Yellen, the Fed’s Chairwoman, says US economy will recover as forecast and it is proper to hike interest rate in 2015, pushing US dollar up 0.81% and commodities prices down.

Just-released data by Bake Hughes show the number of active oil rigs in the US fell 1 to 659, a new low since August 20, 2010 and a straight 24-week fall, which failed to support crude oil prices under pressure of global oil oversupply and rebounding US dollar. As a result, US crude oil prices fell 1.65%.

In euro zone, there is a growing possibility that Greece will default, fueling risk aversion.

US dollar index rose 0.81% whereas US stocks dropped. European stocks diverged. LME base metals fell across the board.

LME, US and Hong Kong markets are suspended today.

SHFE 1507 lead should fluctuate between 13,170-13,260/mt today and spot lead RMB 13,600-13,700/mt.

lead prices SHFE 1507 LEAD

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