SMM Morning Review - 2010/9/21 Lead Market

SHANGHAI, Sep. 21 (SMM) –

SHANGHAI, Sep. 21 (SMM) –The Housing Market Index from the US National Association of Home Builder on Monday stabilized at 13 in September, flat with August’s low level, but slightly lower than the expected level of 14, a sign of pessimistic outlook in housing market. Investors viewed the US dollar as safe-haven in response, driving the US dollar index up, reaching as high as 81.497 from the 81 level. Later, the US dollar index fell back to move at around 81.3. In this context, LME lead market dropped below USD 2,200/mt, and later got support at the 20-day moving average to finally close at USD 2,175/mt. SMM expects that LME lead market will experience fluctuations at around USD 2,200/mt on Tuesday.

In neighboring markets, gold futures for December delivery closed USD 3.30 higher at USD 1,280.80 per ounce; while silver futures for December delivery closed 1.3 cents lower at USD 20.803 per ounce.

SMM expects that transactions in domestic lead market will be done in the RMB 16,300-16,400/mt range on Tuesday.
 

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