SMM Morning Review - 2010/9/3 Lead Market

SHANGHAI, Sep. 3 (SMM) – The better-than-expected initial jobless claims in latest week and rising data of pending housing sales for July in the US reignited investor optimistic sentiment. Led by rising LME copper prices, LME lead prices ended at USD 2,160/mt. SMM believes that time is needed for LME lead prices to find solid support at USD 2,100/mt.

In neighboring markets, Spain's successful auction of 5-year bonds further eased market concerns over debt issues in the Euro zone, helping the euro gain to 1.2831 against the US dollar. Gold futures for December delivery closed up USD 5.30 or 0.4% to end at USD 1,253.40 per ounce. Silver futures for December delivery finished 27.9 cents or 1.4% higher at USD 19.672 per ounce.

SMM believes that domestic lead market will trade in the RMB 16,200-16,300/mt range on Friday.

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