SHANGHAI, Mar. 9 (SMM) -- The LME lead market overnight closed up at USD 2,270/mt, and a higher US dollar eroded some earlier gains. In addition, depressed consumption in China and huge global lead inventories, having exceeded 170 kt weighed down global market confidence.
In neighboring markets, the euro gained against the dollar following easing worries over Greece's debt issues. However, market concerns that debt crisis in Greece will likely spread into other EU countries still existed, resulting in limited gains of the euro. The US dollar index ended at 80.52. Gold futures on the COMEX closed down 1% to USD 1,124 per ounce, and silver futures for May delivery finished at USD 17.272 per ounce, down 11 cents.
Domestic lead market is expected to trade between RMB 15,800-15,900/mt range.
To contact the writer on this report: Sherryshi@smm.cn
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