SMM Lead Market Morning Review (2015-7-3)

Published: Jul 3, 2015 09:50

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LME lead started at USD 1,782.5/mt during Asian trading hours and touched a low of USD 1,780/mt during European trading hours.

SHANGHAI, Jul. 3 (SMM) – LME lead started at USD 1,782.5/mt during Asian trading hours and touched a low of USD 1,780/mt during European trading hours. US non-farm payroll numbers fell short of forecast but unemployment rate hit a 7-year low, which produced little influence on markets. LME lead fluctuated between USD 1,780-1,795/mt during US trading hours and finished at USD 1,783/mt, down USD 2.5/mt.

LME lead trading volumes saw a drop of 916 to 2,986 lots while positions were up 2,437 to 142,245. LME lead inventories dropped 1,275 mt to 172,725 mt. COMEX and US stock markets are suspended today for Independence Day holidays.

SHFE 1508 lead opened at RMB 13,100/mt during evening session Thursday and closed the session up RMB 80/mt at RMB 13,050/mt. Trading volumes totaled 740 lots and positions fell 188 to 13,262.

Markets expect LME lead to be in USD 1,770-1,800/mt today. SHFE 1508 lead should hover between RMB 12,980-13,130/mt and RMB 13,250-13,350/mt for spot lead.

LME lead price forecast SHFE lead prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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