SMM Lead Market Morning Review (2015-10-19)

SHANGHAI, Oct. 19 (SMM) – LME lead started at USD 1,800/mt last Friday and ranged between USD 1,800-1,810/mt, to end at USD 1,810/mt, up USD 14/mt or 0.78%.

Upbeat data from US supported dollar last Friday. Investors still showed concerns over Chinese demand with economic data from China to be released this week. Both factors weighed down market sentiment.  

SHFE 1512 lead opened at RMB 13,425/mt for night session last Friday and moved below the 5-day moving average before closing at RMB 13,485/mt, down by RMB 15/mt.

Markets expect the annual growth of China’s GDP in Q3 to be downbeat, triggering caution in market. LME lead should move in USD 1,800-1,820/mt during Asian trading hours. SHFE 1512 lead loses rising strength and will fluctuate between RMB 13,400-13,500/mt on October 19. Spot supply grows modestly in China but downstream consumption stays weak. Spot lead is predicted to slip to RMB 13,400-13,550/mt.