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SMM Morning Review - 2010/9/15 Lead Market
Sep 15,2010 10:08CST
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Source:SMM
SMM Morning Review - 2010/9/15 Lead Market

SHANGHAI, Sep. 15 (SMM)—

On Tuesday, the better-than-expected US retail sales data created the biggest single-month growth in five months, indicating improving economy. Later the US dollar showed a weak performance at around 81 following rises in the Euro, causing LME lead market to restrain price losses and finish at USD 2,235/mt finally. At present, LME lead prices stay above all moving averages, but technical indicators present insufficient driving force recently. Thus, SMM expects that LME lead market may experience corrections in the USD 2,210-2,250/mt range. Close attention should be paid on the industrial output data for August which will be released tonight.

In neighboring markets, gold futures for December delivery closed USD 24.60 higher at USD 1,271.70 per ounce; silver futures for December delivery closed 28.1 cents higher at USD 20.432 per ounce.

SMM expects that transactions in domestic lead market will be done in the RMB 16,300-16,450/mt range on Wednesday.

 

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