SMM Morning Review - 2010/6/24 Lead Market -Shanghai Metals Market

Hot Keywords

  • Zinc
  • Inventory data
  • Copper scrap
  • Rare earth
  • Lithium
  • Copper
  • Evening comments
  • Market commentary
  • Cobalt
  • Aluminium
  • SMM
  • Customs data
  • Silicon
  • MMi Iron Ore Port Index
  • Futures movement

SMM Morning Review - 2010/6/24 Lead Market

SMM Insight 09:34:36AM Jun 24, 2010 Source:SMM

SHANGHAI, June 24 (SMM) – The US’s new home sales in May plunged by 32.7% on a monthly basis, promoting investors to choose the US dollar for risk aversion. In this context, base metal prices weakened, especially LME lead prices, which tumbled from a session high of USD 1,830/mt to USD 1,775/mt, and managed to stand above USD 1,800/mt at the closing. 

In neighboring markets, the US dollar slid against the US dollar on Wednesday, as the US dollar gave back gains from the weaker-than-expected new home sales from the US after the US Federal Reserve decided to leave its extremely low interest rate unchanged. The US dollar index closed at 85.820. Gold futures for August delivery copper contract closed at USD 1,234.80 per ounce, down USD 6. Silver futures for July delivery finished at 44.30 cents lower at USD 18.459 per ounce.

Domestic lead market is expected to trade in the RMB 14,700-14,850/mt range on Thursday.

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 - 2010/6/24 Lead Market

SMM Insight 09:34:36AM Jun 24, 2010 Source:SMM

SHANGHAI, June 24 (SMM) – The US’s new home sales in May plunged by 32.7% on a monthly basis, promoting investors to choose the US dollar for risk aversion. In this context, base metal prices weakened, especially LME lead prices, which tumbled from a session high of USD 1,830/mt to USD 1,775/mt, and managed to stand above USD 1,800/mt at the closing. 

In neighboring markets, the US dollar slid against the US dollar on Wednesday, as the US dollar gave back gains from the weaker-than-expected new home sales from the US after the US Federal Reserve decided to leave its extremely low interest rate unchanged. The US dollar index closed at 85.820. Gold futures for August delivery copper contract closed at USD 1,234.80 per ounce, down USD 6. Silver futures for July delivery finished at 44.30 cents lower at USD 18.459 per ounce.

Domestic lead market is expected to trade in the RMB 14,700-14,850/mt range on Thursday.

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