SHANGHAI, June 11 (SMM) – LME lead market overnight continued to advance, falling back to USD 1,675/mt after rallying as high as USD 1,700/mt. Market focus is now on China’s CPI and other major economic data to be released on Friday, and market interpretation will directly affect market trend. SMM predicts LME lead prices will continue to rally after moving around the 10-day moving average.
In neighboring markets, market confidence was improved after Spain succeeded to launch 3-year treasury bonds. On Thursday, the euro surged versus the US dollar, returning above 1.2, and the US dollar index closed at 87.042 as a result. Gold futures for August delivery closed at USD 1,222.20 per ounce, down USD 7.70. Silver futures for July delivery finished up 16.20 cents at USD 18.351 per ounce.
Domestic lead market is expected to deal in the RMB 14,100-14,300/mt range on Friday.
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