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SMM Lead Market Morning Review (2015-1-30)

Release time:2015-01-30

Jan 30, 2015 01:49 GMT   Source:SMM

 

 

SHANGHAI, Jan. 30 (SMM) – LME lead overnight dipped to USD 1,840/mt and ended down USD 20.5/mt, or 1.09% at USD 1,858.5/mt. Trading volumes for three-month lead on the London Metal Exchange gained 449 lots to 3,020 lots, while positions shed 952 to 119,000. LME lead inventories decreased 25 mt to 215,050 mt on Thursday.

US Federal Reserve Chairwomen Janet Yellen indicated that the Fed will not raise interest rates from record lows anytime soon as it takes time for the economy to create more jobs and as the labor market and other major economies continue to languish. Major US three stock indices responded by trending higher, but gold recorded the biggest fall since the start of January, putting a dent in base metals prices. US initial jobless claims for the week ending January 23 fell almost to a 15-year low of 265,000, helping allaying worries about a slowdown in the country’s economy early this year. Nevertheless, pending homes sales fell 3.7% in December, missing a 0.5% rise expected. Genscape, an energy data service company, stated that one Oklahoma storage hub saw its crude storage up by 1.6 million barrels in only 5 days. In response, US benchmark oil prices fell below USD 44/bbl to a new 6-year low before rebounding on Thursday.

Denmark’s central bank surprised markets by lowering interest rates again on Thursday from negative 0.35% to negative 0.5%, the third rate cut within two weeks in response to the European Central Bank’s upcoming quantitative easing. Meanwhile, markets are now concerned whether the Greek government will threaten with veto on the EU’s further sanctions on Russia in exchange for write-down of its debt.

US stocks rose across the board, while European stocks were mixed on Thursday. The US dollar index closed up 0.11%. LME base metals all ended with losses.

A series of economic indicators will be released on Friday, including US Q4 GDP growth, January consumer confidence index, the euro zone’s December unemployment and CPI for January.

LME lead is set to hover at USD 1,840-1,870/mt, while the most active SHFE 1503 lead contract is expected to move at RMB 12,420-12,500/mt on Friday. Spot lead in China should trade slightly lower between RMB 12,450-12,600. 
 

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