[Pb Price]SMM Lead Market Morning Review (2015-8-11)

Published: Aug 11, 2015 09:33

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LME lead was depressed to USD 1,714/mt by China’s disappointing PPI and trade data after starting Asian trading hours at USD 1,723/mt.

SHANGHAI, Aug. 11 (SMM) – LME lead was depressed to USD 1,714/mt by China’s disappointing PPI and trade data after starting Asian trading hours at USD 1,723/mt. Later, LME lead rallied to USD 1,725-1,730/mt responding to Chinese stocks’ growth. Greek debt crisis turned better during European and US trading hours and thus rising euro weighed on dollar. Consequently, LME lead soared to USD 1,767/mt and ended at USD 1,756.5/mt, up USD 36/mt. Trading volumes decreased 1,067 to 3,485 lots whereas positions were up 696 to 126,699. LME lead stocks increased 2,175 mt to 207,900 mt.

SHFE 1510 lead opened at RMB 13,055/mt for night trading Monday and grew to RMB 13,320/mt. Later, the price moved around RMB 13,190/mt before closing at RMB 13,185/mt, jumping RMB 270/mt.

LME lead should remain range-bound between USD 1,740-1,770/mt Aug. 11. SHFE lead positions posted a large rise Aug. 10 and many longs enter market. Therefore, SHFE 1510 will move at highs between RMB 13,100-13,250/mt. China’s spot lead may hover between RMB 13,300-13,400/mt with downstream consumption picks up slightly.

LME lead price forecast SHFE lead prices Pb Price

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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