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SMM Morning Review - 2010/5/4 Lead Market
May 4,2010 09:38CST
smm insight
Source:SMM

SHANGHAI, May 4 (SMM) -- Last Friday, LME lead prices closed at USD 2,200/mt after dropping below this level during the session, with no clear direction available. The US's favorable manufacturing and construction spending index buoyed the US dollar, and the US dollar index is expected to remain strong in the short term. SMM expects LME lead prices to see struggles between long and short positions at USD 2,200/mt, with price fluctuations expected in the short term.

In neighboring markets, the euro dropped against the US dollar, though European Union finance ministers agreed to a 110 billion-euro aid package for Greece's debt issues, suggesting market deep concerns over debt crisis in some European countries. In this context, the US dollar index closed at 82.355. Gold futures for June delivery finished up USD 2.6 to 1,183.30 per ounce, and silver futures for July delivery ended 20.2 cents higher at USD 18.813 per ounce. 

Domestic lead market is expected to move between RMB 15,600-15,700/mt on Tuesday.

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

 

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