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SMM Lead Market Morning Review (2015-1-26)

Release time:2015-01-26

Jan 26, 2015 01:52 GMT   Source:SMM

 

 

SHANGHAI, Jan. 26 (SMM) – Pressured by a strengthening US dollar, LME lead finished down USD 48.5/mt, or 2.85% at USD 1,834.5/mt last Friday. Trading volumes for three-month lead on the London Metal Exchange gained 251 lots to 2,590 lots, while positions increased 1,382 to 122,000. LME lead inventories dwindled 425 mt to 215,100 mt last Friday.

Lead for March delivery on the Shanghai Futures Exchange, the most active contract, closed down RMB 130/mt at RMB 12,395/mt in last Friday’s night session. The price of the SHFE 1503 lead contract was more resistant to declines than LME lead and tested support at the 10-day and 20-day moving averages.

Greece’s leftist party Syriza took 36% compared with 28.1% for Samaras’s New Democracy in the presidential election held over the weekend. Prime Minister Antonis Samaras conceded defeat in the election. Although the lefties party is unwilling to forgo the euro, some members of the party hope to exit the single currency union. Many Greeks have grown weary of fiscal austerity policy imposed by the International Monetary Fund (IMF) and the European Union on the Greek government in exchange for a 240 billion euros bailout. Syriza pledged to end this economic plan January 26 should it succeed to form a new government, a major reason why the leftist finds growing popularity among Greeks. As such, uncertainties increased over Greece’s possible exit from the euro zone last Friday, sending the US dollar index above 95.

Shortly after the death of Saudi Arabia’s King Abdullah, crude prices rallied sharply early last Friday, but later fell again on reports that the large oil producing country’s current crude policies will persist.

HSBC’s preliminary manufacturing PMI was 49.8 in January, above 49.5 expected, but below 50 for a second straight month. US manufacturing PMI dipped to a new 1-year low of 53.7 over the same month, short of 54 estimated, according to Markit, an information provider. The country’s existing home sales for December totaled an annualized 5.04 million in December, missing expectations.

European and US stocks were mixed. LME base metals fell across the board last Friday.

Syriza’s win in the presidential election held over the weekend has increased uncertainties over Greece’s possible exit from the euro zone, which should cause risk aversion sentiment to grow and depress base metals prices on Monday. LME lead is set to hover at USD 1,815-1,845/mt, while the most active SHFE 1503 lead contract is expected to move at RMB 12,320-12,420/mt. Spot lead prices in China should fall to RMB 12,450-12,550/mt. 
 

Key words:
SMM LME lead prices
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