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SMM Morning Review - 2010/5/20 Lead Market
May 20,2010 09:59CST
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SHANGHAI, May 20 (SMM) -- On Wednesday, LME lead prices moved in the low range of USD 1,750-1,820/mt, with total positions down more than 1,000 lots. The bearish sentiment from ongoing debt issues in the Europe left a tough task for LME lead prices to rebound. 

In neighboring markets, Dow Jones index closed down on Wednesday despite of moderate economic data in the US. However, crude oil futures on the NYMEX finished USD 0.46 higher, bringing its declining trend over the past six trading days to an end. The euro rallied from its 4-year low, as market players believed that European government would take actions for recent rapid declines of the euro. Gold futures for June delivery closed at USD 1,193.1 per ounce, down USD 21.5. silver futures for July delivery ended 76.4 cents lower at USD 18.115 per ounce.

Domestic lead market is expected to trade around RMB 14,500/mt.

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


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