Metals News
SMM Morning Review - 2010/3/5 Lead Market
smm insight
10:36AM
Mar 5,2010
Source:SMM

SHANGHAI, Mar. 5 (SMM) -- On Thursday, LME lead prices closed lower, but stabilized above USD 2,155/mt, with slight increases in total positions. The favorable US economic data boosted the US dollar, reversing price gains of metals. Particular attention should be paid to the US unemployment data, and SMM believes LME lead prices will test the 30-day moving average.

In neighboring markets, the US dollar strengthened on Thursday, as the euro fell back after Europe's central bank chief said recovery would be uneven. As a result, the US dollar index closed at 80.541. Gold futures on the COMEX reversed its earlier rising trend, and the rating organizations lowered Deutsche Bank's rating. Gold futures for April delivery fell USD 10.2 to USD 1133.1 per ounce, and silver futures for May delivery closed at USD 17.176 per ounce, down 15.3 cents.

Domestic lead market is expected to trade in the RMB 15,600-15,700/mt range.

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

 

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