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SMM Lead Market Morning Review (2014-12-19)

Release time:2014-12-20

Dec 19, 2014 01:59 GMT   Source:SMM

 

 

SHANGHAI, Dec. 19 (SMM) – LME lead started Thursday at USD 1,883.75/mt in the Asian trading session and slipped to USD 1,836/mt in the European trading session. The price of the soft metal rebounded some afterwards to closed down USD 28/mt at USD 1,855/mt. Trading volumes for three-month lead on the London Metal Exchange shed 2,281 lots to 4,092 lots, while positions gained 2,685 lots to 114,711 lots. LME lead inventories expanded 975 mt to 220,800 mt on Thursday.

Lead for February delivery on the Shanghai Futures Exchange, the most active contract opened at RMB 12,000/mt in Thursday’s night session and then slid to RMB 11,800/mt. Boosted by reports of production cuts at smelters in Henan, the price of the SHFE 1502 lead contract rallied to RMB 12,120/mt before ending down RMB 310/mt at RMB 11,915/mt. Trading volumes for the most active contract surged to 23,666 lots, while positions increased 6,196 lots to 40,966 lots.

The Conference Board reported Thursday that its Leading Economic Index rose 0.6% in November, promising a steady expansion in the US economy in the coming few months. The Labor Department announced that initial jobless claims for the week ending December 13 decreased 6,000 to 289,000, the lowest since early November. This indicates a sustained recovery in the US labor market. It bears recalling that the sharp fall in oil prices and growth in employment combined to push US consumer confidence index to a 7-year high last week. Nevertheless, the Philadelphia Fed Manufacturing Index tumbled from 40.8 in November to 24.5 this month, with the sub-index tracking new orders weakening. In this relatively bullish context, US stocks soared, with the Dow up 421.28 and the S&P 500 up 2.40%. The US dollar index surged to 89.40 at one stage on Thursday and finished up 0.21% at 89.22.

Nymex crude swung nearly 9% on Thursday and ended up 4.18% at USD 54.11/bbl. Saudi Arabia’s oil minister indicated that the sharp falls in oil prices were a “temporary” problem and global crude demand is expected to rise. Russian President Vladimir Putin stated Thursday that that his government is able to save the plummeting rouble with the help of Central Bank of Russia’s foreign currency reserves totaling USD 419 billion.

European stocks spiked 3% on Thursday, while Russian stocks also rallied 4.5%. Gold closed up USD 0.3/oz at USD 1,194.80/oz. LME base metals initially rose, but fell back subsequently, with lead and tin leading the losses.

Home sales in China’s 70 medium and large cities hit the highest of this year in November, while declines in home prices narrowed. This, together with the US Federal Reserve’s dovish statements, boosted market sentiment.

LME lead is expected to hover at USD 1,835-1,865/mt on Friday, while the most active SHFE 1502 lead contract is set to move at RMB 11,800-12,100/mt. Spot lead prices in China should range between RMB 12,450-12,600/mt on Friday.
 

Key words:
SMM LME lead prices
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