SMM Morning Review - 2010/6/8 Lead Market

SHANGHAI, June 8 (SMM) – Base metal prices managed to pare some losses thanks to unavailability of further negative news. LME lead prices rebounded to USD 1,560/mt from a daily low of USD 1,535/mt, failing to reach USD 1,600/mt. Positions experienced marked decreases, down to more than 97,000 lots.

In the neighboring markets, the euro hit a new 4-year low after tumbling below 1.19 against the US dollar. Later, the euro rebounded above 1.19 following the stronger-than-expected manufacturing data from Germany. In this context, the US dollar index closed at 88.451. Gold futures for August delivery ended at USD 1,240.80 per ounce, up USD 23.10. Silver futures for July delivery finished 86.30 cents higher at USD 18.162 per ounce.

Domestic lead market is expected to trade between 13,600-13,700/mt on Tuesday.

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

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