SMM Morning Review - 2010/3/12 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/12 Lead Market

SMM Insight 09:48:12AM Mar 12, 2010 Source:SMM

SHANGHAI, Mar. 12 (SMM) -- The LME lead market overnight closed at USD 2,250/mt, falling as low as USD 2,240/mt, standing firm above the 20-day moving average. Positions grew for four days in a row, exceeding 90,000 lots. SMM believes LME lead market on Friday will depend on performance on Asian securities market, with prices expected to move in the USD 2,230-2,300/mt. Particular attention should be paid to the US retail sales data to be announced in the evening.

In neighboring markets, the euro strengthened against the dollar following mixed outlook for the US economic recovery from the country's trade deficit data. The US dollar index closed at 80.28. Gold futures on the COMEX ended at USD 1,108.2 per ounce, up USD 0.10, and silver futures for May delivery closed up 14.2 cents to USD 17.160 per ounce.

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

 

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 - 2010/3/12 Lead Market

SMM Insight 09:48:12AM Mar 12, 2010 Source:SMM

SHANGHAI, Mar. 12 (SMM) -- The LME lead market overnight closed at USD 2,250/mt, falling as low as USD 2,240/mt, standing firm above the 20-day moving average. Positions grew for four days in a row, exceeding 90,000 lots. SMM believes LME lead market on Friday will depend on performance on Asian securities market, with prices expected to move in the USD 2,230-2,300/mt. Particular attention should be paid to the US retail sales data to be announced in the evening.

In neighboring markets, the euro strengthened against the dollar following mixed outlook for the US economic recovery from the country's trade deficit data. The US dollar index closed at 80.28. Gold futures on the COMEX ended at USD 1,108.2 per ounce, up USD 0.10, and silver futures for May delivery closed up 14.2 cents to USD 17.160 per ounce.

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

 

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