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SMM Lead Market Morning Review (2015-1-29)

Release time:2015-01-29

Jan 29, 2015 01:41 GMT   Source:SMM

 

 

SHANGHAI, Jan. 29 (SMM) – LME lead overnight rose above the 5-day moving average and closed up USD 8.5/mt, or 0.45% at USD 1,879/mt on Wednesday. Trading volumes for three-month lead on the London Metal Exchange shed 247 lots to 2,571 lots, while positions decreased 434 to 120,000. LME lead inventories held flat at 21,507 mt on Wednesday.

The US Federal Reserve left its short-term interest rate unchanged in its latest meeting and revealed that all members of the Federal Open Market Committee (FOMC) agreed to be patient on a rate hike. The Fed become more optimistic toward the US economy, citing robust job creation, but expects inflation to fall in the near future. US initial jobless claims for the week ending January 23 may be dispiriting due to cold winter weather. The euro zone’s economic climate index, however, is expected to have risen in January.

The EU has prepared a draft statement for the foreign ministers of its 28 members to agree to extend sanctions against Russia by six months, add new people to the sanctions list and prepare new measures.

Greece’s new Finance Minister Yanis Varoufakis stated at the cabinet meeting that the Greek government will not budge from its stance on the debt issue, but is willing to negotiate with anyone. The country’s stocks plummeted again on Wednesday as markets grew concerned that the government may be unable to strike a deal with creditors.

The China Securities Regulatory Commission (CSRC) was rumored on Wednesday to launch a new round of inspections on brokerages’ financing businesses in the near term. The iShares FTSE A50 China Index ETF responded by tumbling 5%. The CSRC then came out to alleviate market concern by stating that it is only to carry out routine inspections.

US stocks fell across the board, while European stocks were mixed. The US dollar index closed up 0.65%. Crude and gold prices fell. LME base metals prices were mixed on Wednesday.

LME lead is expected to range between USD 1,865-1,895/mt, while the most active SHFE 1503 lead contract is set to hover at RMB 12,520-12,620/mt on Thursday. Spot lead in China should trade at RMB 12,550-12,650/mt.