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SMM Morning Review - 2010/1/18 Lead Market
Jan 18,2010 11:29CST
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SHANGHAI, Jan. 18 (SMM) -- LME lead prices moved lower along with falling prices of other base metals, dropping below the 20-day moving average. Total positions increased to 80,000 lots due to a rising US dollar and concerns towards liquidity. Based on lead market performance in earlier 2010, buying interest was strong when prices were at USD 2,400/mt. On Monday, the US financial market will be closed, and LME lead prices will follow trends of other base metals, with prices expected to stabilize around USD 2,410/mt.

In neighboring markets, the US dollar advanced against major currencies. The euro suffered pressure from sustainable growth of manufacturing industry and inflation data, as well as Greece economy concerns. Gold futures on the COMEX closed lower on Friday due to waning risk appetite. Gold futures for February delivery dropped USD 12.5 to 1,130.5 per ounce, and silver futures for March delivery weakened cents 22.8 to USD 18.427 per ounce.

SMM expects domestic lead prices to trade in the RMB 16,500-16,850/mt range on Monday.


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