SMM Morning Review - 2010/5/25 Lead Market

SHANGHAI, May 25 (SMM) -- LME base metals market on Monday closed higher due to support from the better-than-expected US's housing data. LME lead prices ended up USD 50/mt to USD 1,845/mt, with positions up to more than 95,000 lots, but trading sentiment was lackluster. At present, base metal market lacks upward momentum, with LME lead prices expected to fluctuate around USD 1,800/mt on Tuesday.

In neighboring markets, Spain's central bank took control on Saturday of a troubled regional savings bank, rekindling market concerns over debt issues in the Europe. As a result, the euro dropped against the US dollar, helping the US dollar index close at 86.476. Gold futures for June delivery ended at USD 1,194 per ounce, up USD 17.9 per ounce. Silver futures for July delivery finished 34.90 cents higher at USD 18 per ounce.

Domestic lead market is expected to trade between RMB 14,600-14,750/mt on Tuesday.

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

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