SMM Morning Review - 2010/7/21 Lead Market

SHANGHAI, July 21 (SMM) – On Tuesday, LME lead prices rallied to the 60-day moving average of USD 1,835/mt at the closing before ending at USD 1,820/mt, up 2.25%. Recently, LME lead prices have moved in the USD 1,780-1,850/mt range, and it still needs time to make breakthroughs.

In the neighboring markets, the euro fell back against the US dollar after hitting a high of 1.3027 due to profit-taking by some investors. Therefore, the US dollar index closed at 82.678. Gold futures for August delivery closed up USD 9.80 to end at USD 1,191.70 per ounce. Silver futures for September delivery finished 15 cent higher at USD 17.693 per ounce.

Domestic lead market is expected to trade between RMB 14,950-15,100/mt on Wednesday.

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

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