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SMM Morning Review - 2010/2/4 Lead Market
Feb 4,2010 10:13CST
smm insight

SHANGHAI, Feb. 4 (SMM) -- On Wednesday, LME lead prices fell to USD 2,050/mt due to a firmer US dollar and expectations of weaker demand in China before the holiday, failing to advance for a third day. Although existing price levels are able to attract long buying, long positions have not taken the dominate position. Particular attention should be paid to the US non-farm data to be announced on this Friday. 

In neighboring markets, US stocks closed broadly lower on Wednesday, as the US president's promise to complete banking and health reform triggered concerns of tightening. The US dollar appreciated against the yen and euro, since the US corporate reports indicats the number of layoffs by the US enterprises is expected to lower. The US dollar closed at 79.369. Gold futures on the COMEX edged down along with market cautious attitude and rising US dollar. Gold futures for April delivery closed USD 6 lower at USD 1,112 per ounce, and silver futures for March delivery ended at USD 16.317 per ounce, down cents 42.6.

Domestic spot lead market is expected to trade around RMB 15,650/mt.

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


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