SHANGHAI, Sep. 14(SMM) --
Demand outlook for metals improved on Monday due to a string of strong data released in China last weekend indicating better economy. Besides, investors’ confidence toward market grew thanks to Basel Ⅲ of raising fresh capitals in global banking industry, driving both US and European stocks up. The Euro grew against the US dollar, and the US dollar index dropped as a result. LME lead market reached several-months new high of USD 2,252/mt boosted by various positive news and closed at USD 2,240/mt finally on Monday. LME lead prices moved around the 5-day moving average, thus SMM expects that the better-than-expected data may boost LME lead market to stay above all moving averages.
In neighboring markets, investors lowered their risk-aversion sentiment due to improved market confidence, causing that the US dollar lost the 82 mark to finish at 81.952 with the lowest level at 81.760. Gold futures for December delivery closed 0.60 dollar higher at USD 1,247.10 per ounce; silver futures for December delivery closed 30.6 cents lower at USD 20.151 per ounce.
SMM expects that transactions in domestic lead market will be done in the RMB 16,250-16,450/mt range on Tuesday.
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