SHANGHAI, April 9 (SMM) -- Base metal markets were depressed by a rising dollar, and later pared some losses following a stronger euro. LME lead prices found support at USD 2,050/mt, and SMM believes LME lead prices will continue to experience corrections.
In neighboring markets, the euro weakened against the dollar, closer to a year low level. Later, the euro rebounded versus the dollar, as Jean-Claude Trichet, the President of the European Central Bank said that the EU’s plan to help Greece out of its deficit and debt crisis is a workable framework, easing market worries. As a result, the US dollar closed at 81.412. Gold futures on the COMEX ended at USD 1,152.9 per ounce, down USD 0.10. Silver futures for May delivery finished off 7.2 cents to USD 18.127 per ounce.
Domestic lead market is expected to trade between RMB 15,650-15,800/mt on Friday.
To contact the writer on this report: Sherryshi@smm.cn
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