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SMM Morning Review - 2010/3/1 Lead Market
Mar 1,2010 11:00CST
smm insight

SHANGHAI, Mar. 1 (SMM) -- On Friday, LME lead prices followed price trends of other base metals, moderately moving up above 20-day moving average, with total positions down by more than 1.000 lots. Although a lot of positive news came from financial sectors recently, LME lead inventories in Asian warehouses neared to 10 kt, with struggle expected to be around USD 2,200/mt.

In neighboring markets, the US dollar moved lower against the euro, since investors cut back euro short positions after the euro fell recently. Gold futures on the COMEX rallied all the day. Gold futures for April delivery gained USD 10.4 to USD 1,118.9 per ounce, and silver futures for March delivery closed at USD 16.521 per ounce, down cents 38.9.

Domestic lead prices are expected to move in the RMB 15,700-15,800/mt range.

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


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