SMM Morning Review - 2010/1/6 Lead Market

SHANGHAI, Jan. 6 (SMM) -- LME lead prices gained USD 65/mt to hit a new high of USD 2,570/mt for 2010 following optimism towards higher demand in view of colder weather in major economies. Total positions were up by more than 1,000 lots. Technically, LME lead prices remained strong.

In neighboring markets, the US stock market experienced slight increases on Tuesday, propelled by better-than-expected orders and sharp increases of Ford car sales. The US dollar dropped the most against the yen in nearly one month, and the euro also fell from a three-week high against the dollar. The US dollar index closed at 77.608. Gold futures on the COMEX erased some earlier gains due to a rising US dollar. Gold futures for February delivery closed USD 0.4 higher to USD 1,118.7 per ounce. Silver futures for March delivery ended up 33.7 cents to USD 17.8 per ounce.

Domestic lead market is expected to trade in the RMB 16,000-16,200/mt range on Wednesday.

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