SMM Morning Review - 2010/2/10 Lead Market

SHANGHAI, Feb. 10 (SMM) -- On Tuesday, LME lead prices followed rising trends of other base metals, advancing to around USD 2,050/mt. The US dollar fell due to expectations that EU is looking to find a solution to debt crisis in the Euro zone. The movement in foreign exchange market is expected to continue to influence prices of base metals, and LME lead prices will experience consolidations at USD 2,000/mt.

In neighboring markets, the Down Jones index was up 150.25 points, the largest daily gain over the past three months. The euro gained 1% against the US dollar, and plunged 9% from its 15-month high of 1.5145 in late November. The US dollar index closed at 79.799. Gold futures on the COMEX closed higher, with April delivery up USD 11 to USD 1,077.2 per ounce, and silver futures for March delivery ended at USD 15.435 per ounce, up cents 35.

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

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

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