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SMM Morning Review - 2010/5/27 Lead Market
May 27,2010 09:58CST
smm insight
Source:SMM

SHANGHAI, May 27 (SMM) -- Organization for Economic Cooperation and Development on Wednesday made a positive outlook for world's economy, and the US's new housing sales in April set a new high since May 2008. However, positive signs of global economy are mixed with market concerns over debt issues in the Europe. In this context, base metals market experienced mixed performance on Wednesday. LME lead prices closed at USD 1,770/mt, up USD 20/mt, with great pressure at the 10-day moving average of USD 1,800/mt technically.

In neighboring markets, market confidence over the euro was depressed by the report concerning Spain's bank sector and China's reviewing on its euro zone debt holdings. As a result, the euro approached a 4-year low against the dollar several times, and the US dollar index closed at 87.207. Gold futures for August delivery ended at USD 1,215.3 per ounce, up USD 15.50. Silver futures for July delivery finished up 52.50 cents at USD 18.3060 per ounce.

Domestic lead market is expected to trade between RMB 14,550-14,700/mt on Thursday.

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

 

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