SMM Morning Review - 2010/3/3 Lead Market -Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Futures movement
  • MMi Iron Ore Port Index
  • Nickel
  • Copper scrap
  • Copper
  • Aluminium
  • Stainless steel
  • Macroeconomics
  • Evening comments
  • Market commentary
  • Tin
  • Production data
  • inventory

SMM Morning Review - 2010/3/3 Lead Market

SMM Insight 10:07:33AM Mar 03, 2010 Source:SMM

SHANGHAI, Mar. 3 (SMM) -- LME lead prices regained previous losses, with prices ending at USD 2,190/mt, supported by a falling US dollar index. Total positions on the LME lead market increased by more than 2,000 lots, with stable technical trends. However, staled market transactions over the past three trading days indicate limited upward momentum for lead prices in the future.

In neighboring markets, the euro rebounded from a 9-and a half-month low level against the dollar, since investor risk appetite improved following higher expectations of new aid plan for Greece's debt issues. Gold futures on the COMEX hit a one-and a half-month high on Tuesday, supported by rising crude oil prices and a weaker dollar. Gold futures for April delivery climbed USD 19.1 to USD 1,137.4 per ounce, and silver futures for May delivery closed at USD 17.064 per ounce, up 59.5 cents.

Domestic lead market is expected to trade around RMB 15,750/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

SMM Morning Review - 2010/3/3 Lead Market

SMM Insight 10:07:33AM Mar 03, 2010 Source:SMM

SHANGHAI, Mar. 3 (SMM) -- LME lead prices regained previous losses, with prices ending at USD 2,190/mt, supported by a falling US dollar index. Total positions on the LME lead market increased by more than 2,000 lots, with stable technical trends. However, staled market transactions over the past three trading days indicate limited upward momentum for lead prices in the future.

In neighboring markets, the euro rebounded from a 9-and a half-month low level against the dollar, since investor risk appetite improved following higher expectations of new aid plan for Greece's debt issues. Gold futures on the COMEX hit a one-and a half-month high on Tuesday, supported by rising crude oil prices and a weaker dollar. Gold futures for April delivery climbed USD 19.1 to USD 1,137.4 per ounce, and silver futures for May delivery closed at USD 17.064 per ounce, up 59.5 cents.

Domestic lead market is expected to trade around RMB 15,750/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