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SMM Morning Review - 2010/1/22 Lead Market
Jan 22,2010 10:22CST
smm insight
Source:SMM

SHANGHAI, Jan. 22 (SMM) -- On January 21st, LME lead prices closed down USD 27/mt to USD 2,295/mt. The euro dropped to nearly a 6-month low against the dollar due to market concerns towards Greece economy. The US president Obama outlined plan on banking regulation, resulting in flight-to-quality buying into the dollar. As a result, Wall Street stocks weakened. China's strong economic data strengthened market worries that China will announce more steps to tighten the monetary policy, which will slow the economic recovery in China, and the global demand for commodities will wane in response.  In this context, a pessimistic view is for LME lead market, with prices expected to USD 2,200-2,300/mt.

 

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