SHANGHAI, Mar. 25 (SMM) -- The LME lead market overnight fell to USD 2,020/mt, since credit downgrade for Portugal aroused a new round of risk aversion, resulting in a weaker euro against the dollar. In this context, base metals markets were depressed, highlighting a close relation between LME lead prices and currency market in recent days. LME lead prices are expected to correct at USD 2,200/mt.
In neighboring markets, the euro hit a 10-month low versus the US dollar, as a credit rating downgrade for Portugal added to concerns over the fiscal health of some European countries. The market focus is now on European Union Summit on Thursday and Friday. The US dollar index closed at 81.845, hitting as high as 82 during the session. Gold futures on the COMEX ended at USD 1,088.80 per ounce, down USD 14.90. Silver futures for May delivery closed down 38.6 cents to USD 16.641 per ounce.
Domestic lead market is expected to trade between RMB 15,300-15,450/mt on Thursday.
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