SMM Morning Review - 2010/3/16 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/16 Lead Market

SMM Insight 10:15:26AM Mar 16, 2010 Source:SMM

SHANGHAI, Mar. 16 (SMM) --The LME lead market overnight fell below the 30-day moving average to USD 2,180/mt, with support finally found at USD 2,200/mt. Market concerns over China's move to tighten monetary policy remains. Coupled with US dollar strength, LME lead prices are expected to move in the USD 2,150-2,230/mt range.

In neighboring markets, the euro stopped its gains against the US dollar, as finance ministers of the EU were still divided on the aid for Greece's debt crisis, reducing investor risk appetite. In this context, the US dollar index closed at 80.216. Gold futures on the COMEX closed at USD 1,105.40 per ounce, down USD 3.70. Silver futures for May delivery ended up 6 cents to USD 17.02 per ounce.

Domestic lead market is expected to trade between RMB 15,500-15,600/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 - 2010/3/16 Lead Market

SMM Insight 10:15:26AM Mar 16, 2010 Source:SMM

SHANGHAI, Mar. 16 (SMM) --The LME lead market overnight fell below the 30-day moving average to USD 2,180/mt, with support finally found at USD 2,200/mt. Market concerns over China's move to tighten monetary policy remains. Coupled with US dollar strength, LME lead prices are expected to move in the USD 2,150-2,230/mt range.

In neighboring markets, the euro stopped its gains against the US dollar, as finance ministers of the EU were still divided on the aid for Greece's debt crisis, reducing investor risk appetite. In this context, the US dollar index closed at 80.216. Gold futures on the COMEX closed at USD 1,105.40 per ounce, down USD 3.70. Silver futures for May delivery ended up 6 cents to USD 17.02 per ounce.

Domestic lead market is expected to trade between RMB 15,500-15,600/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