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SMM Morning Review - 2010/9/2 Lead Market
Sep 2,2010 09:29CST
smm insight

SHANGHAI, Sep. 2 (SMM) – LME base metals market was buoyed by rising US equities markets and positive PMI data both in China and the US. LME lead prices broke through the 20-day moving average, and reached as high as USD 2,140/mt before ending at USD 2,125/mt, standing above the moving average. SMM believes that LME lead prices will experience corrections at USD 2,100/mt in the short term.

In neighboring markets, the better-than-expected PMI data boosted investor risk appetite, sending the US dollar lower, and finally the US dollar index closed at 82.524. Gold futures for December delivery copper finished down USD 2.20 to close at USD 1,248.10 per ounce. Silver futures for December delivery closed 3.9 cents lower at USD 19.393 per ounce.

SMM expects domestic lead market to deal between RMB 16,150-16,250/mt on Thursday.


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