SMM Morning Review - 2010/4/19 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/4/19 Lead Market

SMM Insight 11:53:19AM Apr 19, 2010 Source:SMM

SHANGHAI, April 19 (SMM) -- Equities and base metal markets plunged on Friday following news that Goldman Sachs is charged with deception. LME lead prices tumbled 3.8% to USD 2,250/mt, destroying its upward track technically. Trading volume dropped, but total positions saw no big changes. SMM believes LME lead prices will test USD 2,280/mt and find support at USD 2,220/mt earlier this week.

In neighboring markets, the US dollar and Yen surged on Friday due to increased demand for risk avoidance. In this context, the US dollar index closed at 80.83. On the COMEX, investor risk aversion sentiment increased as well, and gold futures for June delivery fell USD 23.4 to USD 1,136.9 per ounce. Silver futures for May delivery finished off 75.8 cents to USD 17.675 per ounce.

Domestic lead market is expected to trade around RMB 15,600/mt on Monday. 

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 - 2010/4/19 Lead Market

SMM Insight 11:53:19AM Apr 19, 2010 Source:SMM

SHANGHAI, April 19 (SMM) -- Equities and base metal markets plunged on Friday following news that Goldman Sachs is charged with deception. LME lead prices tumbled 3.8% to USD 2,250/mt, destroying its upward track technically. Trading volume dropped, but total positions saw no big changes. SMM believes LME lead prices will test USD 2,280/mt and find support at USD 2,220/mt earlier this week.

In neighboring markets, the US dollar and Yen surged on Friday due to increased demand for risk avoidance. In this context, the US dollar index closed at 80.83. On the COMEX, investor risk aversion sentiment increased as well, and gold futures for June delivery fell USD 23.4 to USD 1,136.9 per ounce. Silver futures for May delivery finished off 75.8 cents to USD 17.675 per ounce.

Domestic lead market is expected to trade around RMB 15,600/mt on Monday. 

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