SHANGHAI, July 6 (SMM) – LME lead market closed flat at USD 1,760/mt on Monday, and with existing resistance at the 10-day moving average of USD 1,800/mt. Market will show lack of direction in the short term, and particular attention should be paid to performance in China’s stock and futures markets on Tuesday. SMM believes any upward pace will be slow.
In neighboring markets, the US dollar index fell below 85, and closed at 84.705 yesterday due to investor concerns over the global economic recovery from recent disappointing data out of the US.
SMM expects domestic lead market to trade in the RMB 14,600-14,800/mt range on Tuesday.
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