SMM Morning Review - 2010/8/13 Lead Market

SHANGHAI, Aug. 13 (SMM) – LME lead market overnight regained the previous lost ground along with narrowing declines of the euro against the US dollar, and easing drops on the US equities markets. Finally, LME lead prices closed at USD 2,095/mt, with a strong support at the 20-day moving average of USD 2,036/mt. However, waning trading volumes suggested limited rebounds.

In neighboring markets, the number of claims filing new claims for unemployment benefits in the US unexpected rose in the latest week, adding to investor fears about the global economic recovery. In this context, the US dollar index closed at 82.589. Gold futures for December delivery finished up USD 17.50 to end at USD 1,216.70 per ounce. Silver futures for September delivery closed 16.3 cents higher at USD 18.065 per ounce.

Domestic lead market is expected to trade around RMB 16,000/mt on Friday.

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