SMM Lead Market Morning Review (2015-7-16)

Published: Jul 16, 2015 09:17

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The Bank of Canada surprisingly cut its key interest rate and Yellen expressed an interest rate hike this year.

SHANGHAI, Jul. 16 (SMM) – The Bank of Canada surprisingly cut its key interest rate and Yellen expressed an interest rate hike this year, sending dollar up 0.54%. Base metals were thus depressed. LME lead rolled back earlier gains aftering touching a high of USD 1,881/mt, its highest last seen on June 11 during Asian trading hours. LME lead finally closed at USD 1,864/mt, up USD 16.5/mt or 0.89%.

Market lacks solid economic news today. US dollar is expected to be stronger, weighing on lead prices. LME lead outperformed SHFE lead. More spot lead arrived to Shanghai, depressing lead prices again. Some news stated that battery producers intend to step battery prices up. But poor consumption may discourage the price hike,which will not lend support to lead prices. Thus, spot lead prices should drop slightly today.

LME lead should fluctuate between USD 1,845-1,880/mt today. SHFE 1509 lead is expected to move between RMB 13,060-13,150/mt. Chinese spot lead may fall to RMB 13,250-13,400/mt.

SHFE lead prices LME lead price forecast

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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