SMM Morning Review - 2010/5/11 Lead Market

SHANGHAI, May 11 (SMM) -- Base metals market continued to rally due to support from the European emergency aid package. LME lead prices closed up USD 60/mt to USD 2,100/mt. In the short run, the euro trend will continue to affect base metals market. Moreover, particular attention should be paid to China's major economic data to be released on Tuesday morning. 

In neighboring markets, the euro rose against the US dollar, supported by a massive aid package from the Europe, but the euro fell from a daily high at the close, as market concerns over details of the aid plan remain, helping the US dollar index close at 84.421. Gold futures for June delivery ended at USD 1,200.80 per ounce, down USD 9.60. Silver futures for July delivery finished 10.1 cents higher at USD 18.552 per ounce.

Domestic lead market is expected to trade between RMB 15,300-15,400/mt on Tuesday.

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

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