SMM Morning Review - 2010/7/22 Lead Market

SHANGHAI, July 22 (SMM) – LME lead prices on Wednesday moved up with rising trends of other metals, and saw a 2-month high of USD 1,880/mt, with prices closing at USD 1,860/mt, climbing above all the moving average. An upward momentum remains available based on technical indicators, while it still needs time to consolidate at around USD 1,850/mt.

In neighboring markets, the euro dropped against the US dollar, as the Fed chairman’s comments on the 'unusually uncertain' economy triggered investor risk aversion sentiment, helping the US dollar index rise to 83.281. Gold futures for August delivery closed up USD to end at USD 1,191.80 per ounce. Silver futures for September delivery finished 11 cents higher at USD 17.803 per ounce.

Domestic lead market is expected to deal in the RMB 15,100-15,300/mt range on Thursday.

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

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