SMM Morning Review - 2010/7/23 Lead Market -Shanghai Metals Market

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SMM Morning Review - 2010/7/23 Lead Market

SMM Insight 09:24:35AM Jul 23, 2010 Source:SMM

SHANGHAI, July 23 (SMM) – LME lead prices on Thursday hit as high as USD 1,945/mt before ending at USD 1,925/mt, a gain of more than 3%, setting the peak level since mid May. Trading sentiment was brisk, but positions didn’t increase. Particular attention should be paid to the results of European bank stress tests due on Friday.

In neighboring markets, the euro advanced against the US dollar on Thursday along with favorable data from manufacturing and service sectors in the euro zone, causing the US dollar index to close at 82.543. Gold futures for August delivery finished up USD 3.80 to end at USD 1,195.60 per ounce. Silver futures for September delivery ended 31.70 cents higher at USD 18.120 per ounce.

Domestic lead market is expected to trade in the RMB 15,300-15,500/mt on Friday.

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

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

SMM Morning Review - 2010/7/23 Lead Market

SMM Insight 09:24:35AM Jul 23, 2010 Source:SMM

SHANGHAI, July 23 (SMM) – LME lead prices on Thursday hit as high as USD 1,945/mt before ending at USD 1,925/mt, a gain of more than 3%, setting the peak level since mid May. Trading sentiment was brisk, but positions didn’t increase. Particular attention should be paid to the results of European bank stress tests due on Friday.

In neighboring markets, the euro advanced against the US dollar on Thursday along with favorable data from manufacturing and service sectors in the euro zone, causing the US dollar index to close at 82.543. Gold futures for August delivery finished up USD 3.80 to end at USD 1,195.60 per ounce. Silver futures for September delivery ended 31.70 cents higher at USD 18.120 per ounce.

Domestic lead market is expected to trade in the RMB 15,300-15,500/mt on Friday.

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

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn