SMM Morning Review - 2010/7/8 Lead Market

SHANGHAI, July 8 (SMM) – A stronger euro and rallying US equities market helped base metal prices reverse earlier losses made during Asian trading hours, and extend a bounce. LME lead prices rebounded from a low of USD 1,755/mt, and finally closed at USD 1,800/mt. An upward momentum is still available on technical analysis.

In neighboring markets, the euro gained versus the US dollar due to rising US equities market, helping the US dollar index to drop below 84, and end at 83.957. Gold futures for August delivery closed USD 3.80 higher at USD 1,198.90 per ounce. Silver futures for September delivery finished up 14.3 cents to end at USD 18.00 per ounce.

Domestic lead market is expected to deal in the RMB 14,650-14,800/mt range on Thursday. 

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

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