SMM Morning Review - 2010/8/17 Lead Market

SHANGHAI, Aug. 17 (SMM) – The US dollar experienced downward corrections on Monday after a 5-day rising streak, helping LME lead prices close up USD 20/mt to end at USD 2,095/mt. At present, LME lead market is fluctuating at levels before sharp price gains on August 9th, with strong support at the 20-day moving average. SMM believes that LME lead market will gather upward momentum to make further breakthroughs based on technical analysis. 

In neighboring markets, the US dollar index closed at 82.503. Gold futures for December delivery finished up USD 9.60 to end at USD 1,226.20 per ounce. Silver futures for September delivery closed 31.8 cents higher at USD 18.427 per ounce.

Domestic lead market is expected to trade in the RMB 16,000-16,300/mt range on Tuesday.

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