SHANGHAI, Sep. 28 (SMM) – The Euro dropped against the US dollar due to concerns over the European debt problem in countries like Ireland. In this context, the US dollar index rose slightly, rallying to around 79.5 from a previous low of 79.2. Investors held cautious sentiment towards market outlook after previous surges in LME lead market during the Mid-Autumn Day holiday, and transactions in domestic metal market were sluggish on Monday. In this context, LME lead market fell to close at USD 2,270/mt on Monday, but still stays above all moving averages until now. SMM expects that LME lead prices will fluctuate at high prices in the near future, and wait for guidance from new data.
In neighboring markets, gold futures for December delivery closed USD 0.50 higher at USD 1,298.60 per ounce; silver futures for December delivery closed 7.2 cents higher at USD 21.4710 per ounce.
SMM expects that transactions in domestic lead market will be done in the RMB 16,500-16,650/mt range on Tuesday.
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