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SMM Lead Market Morning Review (2014-12-15)

Release time:2014-12-15

Dec 15, 2014 02:04 GMT   Source:SMM

 

 

SHANGHAI, Dec. 15 (SMM) – LME lead started last Friday at USD 1,980.5/mt and closed up USD 14/mt, or 0.71%, at USD 1,997/mt amid mixed economic indicators from China and the US. Trading volumes for three-month lead on the London Metal Exchange shrank 3,147 lots to 2,419 lots, while positions gained 704 lots to 118,606 lots. LME lead inventories remained unchanged at 220,200 mt.

Lead for February delivery on the Shanghai Futures Exchange, the most active contract, hovered at RMB 13,180-13,200/mt in last Friday’s night session and finished down RMB 105/mt at RMB 13,170/mt.

The People’s Bank of China (PBOC) reported last Friday that China’s new RMB lending totaled RMB 852.7 billion in November, well above the median forecast of RMB 650 billion and October’s RMB 548.3 billion. During the same period, M2, a gauge of money supply, grew 12.3% YoY, shy of a 12.5% increase expected. The Chinese government is likely to loosen monetary policy further by cutting reserve requirement ratio (RRR) in 2015 to shore up its economy.

The University of Michigan’s Consumer Sentiment Index, published last Friday, surged to 93.8 this month, its highest since January 2007. In response, the US dollar index rebounded to close down 0.34% at 88.325. The dollar rose 0.04% to 118.70 versus the yen.

Crude oil slid 3.57% to end at USD 57.81 a barrel last Friday. The United Arab Emirates’ energy minister stated that the OPEC will stand by its decision not to cut output even if oil prices fall as low as USD 40 a barrel. This comment put a further dent in oil prices.

The China Securities Regulatory Commission (CSRC) approved the Shanghai Futures Exchange to launch crude oil futures trading in the Shanghai International Energy Exchange Corporation.

US stocks slumped last Friday, with the Dow down 1.79% at 17,280.83. LME base metals diverged.

US New York Fed Manufacturing Index for December, industrial production growth for November, as well as December home price index all should come in positive late on Monday. LME lead is expected to hover at USD 1,980-2,010/mt, while the most active SHFE 1502 lead contract is set to move at RMB 13,140-13,220/mt. Spot lead prices in China should trade lower at RMB 13,200-13,350/mt on Monday. 

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