SMM Morning Review - 2010/7/20 Lead Market

SHANGHAI, July 20 (SMM) – LME lead prices closed at USD 1,780/mt on Monday. A stronger euro failed to help LME lead prices climb higher, and SMM believes LME lead market will fluctuate weakly in the short term based on technical analysis. LME lead prices will await direction from a series of economic data set for release soon, view towards economic outlook from the Fed’s chairman, as well as corporate earnings reports.

In neighboring markets, the euro remained stronger versus the US dollar, as results of stress tests on banks are expected to show a healthy financial system in the Europe. As a result, the US dollar index closed at 82.617. Gold futures for August delivery finished USD 6.30 lower to end at USD 1,181.90 per ounce. Silver futures for September delivery ended down 24.50 cent at USD 17.543 per ounce.

Domestic lead market is expected to trade in the RMB 14,800-14,900/mt range on Tuesday.

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

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