SHANGHAI, July 9 (SMM) – The US announced the better-than-expected economic data on Thursday, easing inventors concerns over a slower economic recovery. In this context, LME lead prices succeeded to keep its rising trend, and finally closed at USD 1,825/mt. However, investor uncertainties over outlook held gains in check. An unclear direction from crossed technical indicators also suggests uncertainties towards outlook. Hence, SMM believes LME lead prices will continue to fluctuate at high levels in the short term.
On Thursday, the euro climbed higher against the US dollar due to improved investor sentiment towards European banking system, resulting from the stronger employment data and details about European bank stress test results. The US dollar index closed at 83.752. Gold futures for August delivery closed USD 2.80 lower at USD 1,196.10 per ounce. Silver futures for September delivery finished down 12.80 cents to close at USD 17.8720 per ounce.
Domestic lead market is expected to trade in the RMB 14,700-14,850/mt range on Friday.
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