SMM Lead Market Morning Review (2015-8-26)

Published: Aug 26, 2015 09:45

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On Tuesday, LME lead started at USD 1,655/mt. China’s A-shares fell below 3,000, slumping 7.63%.

SHANGHAI, Aug. 26 (SMM) – On Tuesday, LME lead started at USD 1,655/mt. China’s A-shares fell below 3,000, slumping 7.63%, fueling bearishness in market. Thus, LME lead moved lower to USD 1,645.5/mt during Asian trading hours but later soared to USD 1,695/mt as the People’s Bank of China (PBOC) announced to cut the reserve requirement ratio (RRR) and lower key interest rates. The 3-month contract on the LME ended USD 13.5/mt higher at USD 1,673.5/mt. Trading volumes fell 1,048 to 5,563 lots and positions were up 1,013 to 127,289.

SHFE 1510 lead opened at RMB 13,240/mt for night trading Tuesday and advanced to RMB13,425/mt in response to the PBOC’s announcement. The contract closed at RMB 13,340/mt, up RMB 260/mt or 1.99%. Trading volumes dropped 5,124 to 3,728 lots and positions fell 30 to 17,530.

LME lead should be in a tight range of USD 1,640-1,690/mt on Aug. 26. SHFE 1510 lead is expected to hover between RMB 13,200-13,400/mt and spot lead should grow 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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