SMM Morning Review - 2010/6/11 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/11 Lead Market

SMM Insight 10:15:13AM Jun 11, 2010 Source:SMM

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.

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 - 2010/6/11 Lead Market

SMM Insight 10:15:13AM Jun 11, 2010 Source:SMM

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.

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