SMM Morning Review - 2010/3/26 Lead Market

SHANGHAI, Mar. 26 (SMM) --On Thursday, the US Federal Reserve said it would a reasonable move to keep its extremely low interest rate for an extended period. Meanwhile, the US labor market data was better than expected, and investor expectations of economy recovery and commodity consumption improved, outweighing lingering concerns about sovereign debt in the euro zone. In this context, base metals markets rebounded, and LME lead prices closed up at USD 2,085/mt. LME lead prices are expected to move between USD 2,010-2,100/mt.

In neighboring markets, the euro fell further against the US dollar, as the proposal of a joint EU-IMF aid plan for Greece's debt issues send a negative signal to the market. The US dollar index closed at 82.028. Gold futures on the COMEX gained USD 4.10 to USD 1,092.90 per ounce. Silver futures for May delivery closed up 10.0 cents to USD 16.7410 per ounce.

Domestic lead market is expected to trade in the RMB 15,300-15,450/mt range on Friday.

To contact the writer on this report: Sherryshi@smm.cn

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