SMM Morning Review - 2010/3/24 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/24 Lead Market

SMM Insight 10:03:51AM Mar 24, 2010 Source:SMM

SHANGHAI, Mar. 24 (SMM) -- The LME lead market overnight followed price trends of other base metals, and later fell below USD 2,100/mt following a stronger US dollar. Continuous increases in LME lead inventories depressed LME lead prices, with downward room available based on technical data. LME lead prices are expected to move in the USD 2,050-2,140/mt range.

In neighboring markets, the euro fell against the dollar, since investors showed concerns that no substantive measures will be available from the EU Leaders Summit to be held this weekend. The US dollar index reached as high as 81 in the session, and finally closed at 80.945. Gold futures on the COMEX closed at USD 1,103.7 per ounce, up USD 4.20. Silver futures for May delivery ended up 9.2 cents to USD 16.98 per ounce.

Domestic lead market is expected to trade between RMB 15,350-15,500/mt on Wednesday.

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 - 2010/3/24 Lead Market

SMM Insight 10:03:51AM Mar 24, 2010 Source:SMM

SHANGHAI, Mar. 24 (SMM) -- The LME lead market overnight followed price trends of other base metals, and later fell below USD 2,100/mt following a stronger US dollar. Continuous increases in LME lead inventories depressed LME lead prices, with downward room available based on technical data. LME lead prices are expected to move in the USD 2,050-2,140/mt range.

In neighboring markets, the euro fell against the dollar, since investors showed concerns that no substantive measures will be available from the EU Leaders Summit to be held this weekend. The US dollar index reached as high as 81 in the session, and finally closed at 80.945. Gold futures on the COMEX closed at USD 1,103.7 per ounce, up USD 4.20. Silver futures for May delivery ended up 9.2 cents to USD 16.98 per ounce.

Domestic lead market is expected to trade between RMB 15,350-15,500/mt on Wednesday.

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