SMM Lead Market Morning Review (2015-8-24)-Shanghai Metals Market

Hot Keywords

  • Air pollution
  • Inventory data
  • Zinc
  • Copper
  • Nickel
  • Market commentary
  • nickel laterite
  • hydrogenation stations
  • Aluminium
  • Nickel ore
  • Futures movement
  • Macroeconomics
  • Tin
  • Production data
  • Morning comments

SMM Lead Market Morning Review (2015-8-24)

Price Review & Forecast 09:22:51AM Aug 24, 2015 Source:SMM

SHANGHAI, Aug. 24(SMM) – LME lead started last Friday at USD 1,710/mt but then dived to USD 1,680/mt as Caixin’s manufacturing PMI for China in August turned out to be downbeat. Later, the three-month contract on the LME lurched up thanks to weaker dollar and exit of shorts and finally ended at USD 1,711/mt, up USD 5/mt or 0.29%. Trading volumes totaled 4,107 lots, growing 1,416. Positions decreased 585 to 125,748.

SHFE 1510 lead moved in a tight range between RMB 13,175-13,265/mt after opening last Friday evening session at RMB 13,210/mt, to close RMB 130/mt lower at RMB 13,240/mt, off 0.97%. Trading volumes dropped 5,442 to 1,198 lots while positions rose 114 to 17,678.

LME lead should narrowly range between USD 1,700-1,720/mt on Aug. 24. SHFE 1510 lead is expected to move between RMB 13,100-13,300/mt and spot lead may fall RMB 50/mt to RMB 13,250-13,350/mt. 


SMM Lead Market Morning Review (2015-8-24)

Price Review & Forecast 09:22:51AM Aug 24, 2015 Source:SMM

SHANGHAI, Aug. 24(SMM) – LME lead started last Friday at USD 1,710/mt but then dived to USD 1,680/mt as Caixin’s manufacturing PMI for China in August turned out to be downbeat. Later, the three-month contract on the LME lurched up thanks to weaker dollar and exit of shorts and finally ended at USD 1,711/mt, up USD 5/mt or 0.29%. Trading volumes totaled 4,107 lots, growing 1,416. Positions decreased 585 to 125,748.

SHFE 1510 lead moved in a tight range between RMB 13,175-13,265/mt after opening last Friday evening session at RMB 13,210/mt, to close RMB 130/mt lower at RMB 13,240/mt, off 0.97%. Trading volumes dropped 5,442 to 1,198 lots while positions rose 114 to 17,678.

LME lead should narrowly range between USD 1,700-1,720/mt on Aug. 24. SHFE 1510 lead is expected to move between RMB 13,100-13,300/mt and spot lead may fall RMB 50/mt to RMB 13,250-13,350/mt.