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SMM Morning Review - 2010/2/26 Lead Market
Feb 26,2010 10:43CST
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SHANGHAI, Feb. 26 (SMM) -- On February 25th, LME lead prices dropped slightly, with prices closing down USD 40/mt to USD 2,160/mt. On Thursday, the US Commerce Department announced durable goods order for January was down 0.6% after deduction of transport equipment, below the expected 1.0 % increase. In addition, the US Labor Department released initial unemployment claims in the week ended in February 20 was up to 496,000, well above market estimation of 455,000. The unfavorable data cast a shadow over the economic recovery in the US, further triggering market concerns. In addition, S&P will likely further downgrade Greece's credit rating, and with more attention on fiscal conditions of those troubled countries in the euro zone, resulting in further market fears of economic recovery.

Dow Jones index fell 53.13 to 10321.03 points, and S&P dropped 2.31 to 102.93 points, and Nasdaq Composite Index was down 1.68 to 2234.22 points, weighing down LME lead market.

On the same day, LME lead inventories were up 1,050 mt to 163,025 mt, further depressing lead market outlook.

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


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