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SMM Morning Review - 2010/7/14 Lead Market
Jul 14, 2010 09:50SHANGHAI, July 14 (SMM) – LME lead market overnight recovered some losses due to a weaker US dollar, with prices closing at USD 1,825/mt, but both trading volumes and positions fell. No clear market direction is available based on technical indicators. SMM believes a slew of mixed economic data to be released soon, and so LME lead prices will continue to fluctuate.
In neighboring markets, favorable earnings reports from US corporate, and a solid Greek debt auction eased market concerns over outlook of economic recovery. The euro hit a 2-month high against the US dollar, helping the US dollar index close at 83.565. Gold futures for August delivery closed USD 14.80 higher to end at USD 1,213.50 per ounce. Silver futures for September delivery closed up 34.0 cent at USD18.2570 per ounce.
SMM expects domestic lead market to trade in the RMB 14,700-14,800/mt range on Wednesday.
To contact the writer on this report: xiaqing@smm.cn
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