SMM Morning Review - 2010/5/10 Lead Market

SHANGHAI, May 10 (SMM) -- The euro rebounded after Germany approved the financial aid plan for Greece, helping easing downward pressure on base metals prices. Last Friday, LME lead prices followed LME nickel prices, closing up USD 65/mt to USD 2,040/mt, with prices expected to test USD 2,100/mt on Monday.

In neighboring markets, the euro rebounded from a 14-month low against the US dollar, but the uncertainty still exists for financial health in the Europe. In this context, SMM expects the euro to fluctuate in the short term. The US dollar closed at 84.352. Gold futures for June delivery ended at USD 1,210.40 per ounce, up USD 13.10. Spot silver prices finished at USD 18.32 per ounce.

Domestic lead prices are expected to deal in the RMB 15,100-15,300/mt range on Monday.

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

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