Metals News
SMM Morning Review - 2010/1/20 Lead Market
smm insight
10:15AM
Source:SMM

SHANGHAI, Jan. 20 (SMM) -- Technical buying on the LMB base metals market offset the negative impact from a rising US dollar, and LME lead prices experienced slight declines. A series of important economic data in China and the US will be released today and tomorrow. LME lead prices will test USD 2,500/mt.

In neighboring markets, the US dollar advanced against major currencies, and hit a new high against the euro for this year. Investors chose to invest the US dollar in view of unfavorable economic data in Germany, and the US dollar index closed at 77.451 as a result. Gold futures for February delivery closed USD 9.5 to USD 1,140 per ounce, and silver futures for March delivery ended cents 37.3 higher at USD 18.80 per ounce.

SMM expects domestic lead market to trade in the RMB 16,600-16,900/mt range.

 

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