SMM Morning Review - 2010/3/9 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/9 Lead Market

SMM Insight 10:08:50AM Mar 09, 2010 Source:SMM

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

 

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 - 2010/3/9 Lead Market

SMM Insight 10:08:50AM Mar 09, 2010 Source:SMM

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

 

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