SMM Morning Review - 2010/3/11 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/11 Lead Market

SMM Insight 09:50:11AM Mar 11, 2010 Source:SMM

SHANGHAI, Mar. 11 (SMM) -- The LME lead market overnight closed at above USD 2,250/mt, testing USD 2,300/mt. Positions increased further, with long positions entering. SMM believes LME lead prices will still meet resistance at USD 2,300/mt in the short term.

In neighboring markets, the euro gained against the dollar due to easing concerns in some EU countries from successful bond auction in Portugal. The US dollar closed at 80.45. Gold futures on the COMEX closed at USD 1,108.1 per ounce, down USD 14.20, and silver futures for May delivery finished 32 cents off to USD 17.018 per ounce.

Domestic spot lead market is expected to trade between RMB 15,800-15,900/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 - 2010/3/11 Lead Market

SMM Insight 09:50:11AM Mar 11, 2010 Source:SMM

SHANGHAI, Mar. 11 (SMM) -- The LME lead market overnight closed at above USD 2,250/mt, testing USD 2,300/mt. Positions increased further, with long positions entering. SMM believes LME lead prices will still meet resistance at USD 2,300/mt in the short term.

In neighboring markets, the euro gained against the dollar due to easing concerns in some EU countries from successful bond auction in Portugal. The US dollar closed at 80.45. Gold futures on the COMEX closed at USD 1,108.1 per ounce, down USD 14.20, and silver futures for May delivery finished 32 cents off to USD 17.018 per ounce.

Domestic spot lead market is expected to trade between RMB 15,800-15,900/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