SMM Lead Market Morning Review (2015-8-20)

Published: Aug 20, 2015 09:14

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LME lead touched a low of USD 1,680.5/mt overnight after starting at USD 1,691/mt.

SHANGHAI, Aug. 20 (SMM) – LME lead touched a low of USD 1,680.5/mt overnight after starting at USD 1,691/mt. During Asian trading hours, China’s A-shares rallied and dovish speech of US Fed’s officials sent dollar down. Hence, LME lead hovered at highs between USD 1,690-1,712/mt during European and US trading hours, to close at USD 1,700/mt, up USD 15.5/mt or 0.92%. Trading volumes grew 605 to 3,796 lots while positions decreased 2,048 to 126,503.

SHFE 1510 lead started at RMB 13,300/mt and once drifted higher to RMB 13,375/mt. But later the contract fell to RMB 13,260/mt as longs exited market and ended the session at RMB 13,305/mt, rising RMB 160/mt.

LME lead should remain range-bound between USD 1,680-1,710/mt on Aug. 20. SHFE 1510 is predicted to fluctuate on the strong side between RMB 13,250-13,400/mt and spot lead should follow SHFE lead prices up RMB 75/mt to RMB 13,250-13,400/mt.

LME lead price forecast SHFE lead prices forecast spot 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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