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SMM Morning Review - 2010/2/3 Lead Market
Feb 3,2010 10:19CST
smm insight

SHANGHAI, Feb. 3 (SMM) -- On Tuesday, LME lead prices outperformed other base metals, up 2.6%, successfully standing at USD 2,100/mt. Particular attention should be paid to short covering on LME lead market at the end of trading. A cautious attitude should be taken towards short-term risks, even if cancelled warrants fell nearly 10%. 

In neighboring markets, the US dollar fell against the euro, since concerns towards Greece debt were eased. However, investors remained cautious before the announcement of US employment rate on this Friday. The US dollar index closed at 78.962. Gold futures on the COMEX continued to rise following a weaker dollar. Gold futures for April delivery ended USD 13 higher to USD 1,118 per ounce, and silver futures for March delivery closed at USD 16.743 per ounce, up cents 8.3.

Domestic lead market is expected to trade near RMB 15,500/mt.

To contact the writer on this report: Sherryshi@smm.cn


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