SMM Morning Review - 2010/6/2 Lead Market

SHANGHAI, June 2 (SMM) -- On Tuesday evening, LME lead market continued to digest news of slowing PMI growth in China, but the better-than-expected ISM in the US helped LME lead prices pare some losses. Finally, LME lead prices closed at USD 1,775/mt, down USD 50/mt. With no signs of rebounds on technical, LME lead prices return to a downward track, and will test support at the low-end.

In neighboring markets, the euro rebounded from a 4-year low against the US dollar, supported by the US better-than-expected economic data, but closed lower. The US dollar fell back to 86.719 at the closing from a session high of 87.473. Gold futures for August delivery ended at USD 1,226.90 per ounce, up USD 11.90. Silver futures for July delivery finished 21.9 cents higher at USD 18.5510 per ounce.

Domestic lead market is predicted to trade between RMB 14,500-14,600/mt on Wednesday.

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

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