SMM Morning Review - 2010/6/7 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/7 Lead Market

SMM Insight 10:10:28AM Jun 07, 2010 Source:SMM

SHANGHAI, June 7 (SMM) -- The disappointing US employment data added to market doubts about the economic recovery, and increased risk aversion, helping the US dollar index close at 88.233 after advancing to 88.340. The euro plunged against the US dollar, falling below an important support level of 1.2, sending base metal prices lower. LME lead prices slid as low as USD 1,590/mt and failed to return to USD 1,600/mt at the closing. Positions, with significant increases approached 100,000 lots. SMM LME lead prices will look for support at USD 1,500/mt due to pessimistic sentiment.

Gold futures for August delivery closed at USD 1,217.7 per ounce, up USD 7.7.

Domestic lead market is expected to test support at RMB 14,000/mt on Monday. 
 
To contact the writer on this report: xiaqing@smm.cn 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

SMM Morning Review - 2010/6/7 Lead Market

SMM Insight 10:10:28AM Jun 07, 2010 Source:SMM

SHANGHAI, June 7 (SMM) -- The disappointing US employment data added to market doubts about the economic recovery, and increased risk aversion, helping the US dollar index close at 88.233 after advancing to 88.340. The euro plunged against the US dollar, falling below an important support level of 1.2, sending base metal prices lower. LME lead prices slid as low as USD 1,590/mt and failed to return to USD 1,600/mt at the closing. Positions, with significant increases approached 100,000 lots. SMM LME lead prices will look for support at USD 1,500/mt due to pessimistic sentiment.

Gold futures for August delivery closed at USD 1,217.7 per ounce, up USD 7.7.

Domestic lead market is expected to test support at RMB 14,000/mt on Monday. 
 
To contact the writer on this report: xiaqing@smm.cn 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn