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SMM Morning Review - 2010/6/9 Lead Market
Jun 9,2010 09:48CST
smm insight

SHANGHAI, June 9 (SMM) -- On Tuesday, LME lead prices closed up 3.85% at USD 1,620/mt, led by strong gains of LME zinc prices. LME lead prices rallied as high as above the 5-day moving average of USD 1,635/mt during the session. SMM believes LME lead prices will fluctuate at USD 1,600/mt on Wednesday, and test support at this price level.

In neighboring markets, some investors took profit after the euro hit the lowest level against the US dollar since 2006, helping the euro close up versus the US dollar, reaching as high as above 1.20 at one time. The US dollar index ended at 88.190. Gold futures for August delivery closed at USD 1,245.60 per ounce, up USD 4.80. Silver futures for July delivery finished 31.50 cents higher at USD 18.477 per ounce.

Domestic lead market is expected to trade between RMB 13,550-13,700/mt on Wednesday.

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


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