SMM Morning Review - 2010/1/21 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/1/21 Lead Market

SMM Insight 10:20:31AM Jan 21, 2010 Source:SMM

SHANGHAI, Jan. 21 (SMM) -- On Wednesday, LME lead prices dropped below USD 2,300/mt, with positions plunging by 5,000 lots. Overseas markets showed strong response to the Chinese Government’s measures in tightening credit. However, China’s industrial output data coming out today are expected to stop the falling price trend.

In neighboring markets, the Dow Jones closed down 1.14% following tightening measures in China. The US dollar advanced to a 5-month high against the euro due to investor concerns towards the economic recovery, and the US dollar index ended at 78.369 as a result. Gold prices on the COMEX fell to a 2-week low on Wednesday. Gold futures for February delivery ended USD 27.4/mt lower to USD 1,112.6 per ounce. Silver futures for March delivery closed down 92 cents at USD 17.88 per ounce.

Domestic lead market is expected to trade in the RMB 16,300-16,600/mt range on Thursday.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

SMM Morning Review - 2010/1/21 Lead Market

SMM Insight 10:20:31AM Jan 21, 2010 Source:SMM

SHANGHAI, Jan. 21 (SMM) -- On Wednesday, LME lead prices dropped below USD 2,300/mt, with positions plunging by 5,000 lots. Overseas markets showed strong response to the Chinese Government’s measures in tightening credit. However, China’s industrial output data coming out today are expected to stop the falling price trend.

In neighboring markets, the Dow Jones closed down 1.14% following tightening measures in China. The US dollar advanced to a 5-month high against the euro due to investor concerns towards the economic recovery, and the US dollar index ended at 78.369 as a result. Gold prices on the COMEX fell to a 2-week low on Wednesday. Gold futures for February delivery ended USD 27.4/mt lower to USD 1,112.6 per ounce. Silver futures for March delivery closed down 92 cents at USD 17.88 per ounce.

Domestic lead market is expected to trade in the RMB 16,300-16,600/mt range on Thursday.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn