SMM Morning Review - 2010/7/16 Lead Market

SHANGHAI, July 16 (SMM) – LME lead prices on Thursday closed down USD 15/mt to end below USD 1,800/mt, and trading slowed down further. A rally in the US equities market, the US dollar index at level less than 83, and a slew of mixed economic data all failed to change the existing fluctuating price trend on the LME lead market. SMM believes LME lead prices will continue to fluctuate.

In neighboring markets, a weaker economic data from the US added to market investor concerns towards the economic recovery in the country, while a solid debt auction in Greece, Spain, and Portugal eased market worries over debt issues in the Europe. In this context, the euro gained further against the US dollar, climbing above 1.29 in the session. As a result, the US dollar index on Thursday closed at 82.464. Gold futures for August delivery finished up USD 1.30 at USD 1,208.30 per ounce. Silver futures for September delivery ended 7.20 cent higher at USD 18.362 per ounce.

SMM expects domestic lead market to trade in the RMB 14,700-14,850/mt range on Friday.

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

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