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SMM Lead Market Morning Review (2015-1-27)

Release time:2015-01-27

Jan 27, 2015 01:36 GMT   Source:SMM

 

 

 

SHANGHAI, Jan. 27 (SMM) – LME lead overnight initially sank to USD 1,815.5/mt, but later rebounded to USD 1,873.5/mt before ending up USD 35.5/mt, or 1.94% at USD 1,870/mt in Monday’s night session. Trading volumes for three-month lead on the London Metal Exchange shed 355 lots to 3,235 lots, while positions gained 127 to 122,000. LME lead inventories dwindled 50 mt to 215,050 mt on Monday.

Base metals prices overnight staged a technical rebound, boosted by increased risk appetite, a fall in the US dollar index, as well as reports of possible copper procurement by China’s Strategic Reserve Bureau (SRB). US Dallas Fed Business Activity Index fell to a 20-month low of -4.4 in January, well below 3 expected, causing the US dollar index to level off. Bloomberg News reported that the SRB plans to procure at most 20,000 mt of refined copper from several sellers. This report has given a renewed boost to copper prices.

Ratings agency Standard & Poor’s lowered Russia’s sovereign credit rating from BBB- to BB+ with a negative outlook on Monday. The downgrade marks the first time in more than 10 years that Russian sovereign debt has been rated below investment grade, in what some call “junk” territory. The rouble responded by tumbling 4.7%. Greece’s radical left Syriza party agreed to share power with the populist rightwing Independent Greeks party since these two parties both are opposed to austerity imposed by the European Union.

European and US stocks rose across the board on Monday. LME base metals rebounded.

Base metals prices should gain some support from reports of the SRB’s possible refined copper procurement. Investors should eye a series of economic indicators, due for release on Tuesday, including China’s large industrial profits for December, US December durable goods sales, new home sales and January consumer confidence index, as well as UK Q4 GDP. China’s economic numbers are expected to be dispiriting, which will restrain a rebound in SHFE lead.

LME lead is set to hover between USD 1,860-1,885/mt, while the most active SHFE 1503 lead contract is expected to move at RMB 12,520-12,600/mt on Tuesday. Spot lead in China should trade at RMB 12,550-12,650/mt.
 

Key words:
SMM LME lead prices
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