SHANGHAI, Dec. 17 (SMM) – On Thursday, investors turned to the US dollar as a safe haven, due to concerns on China’s possible tighter monetary policies, and from the ongoing European debt issue. In response, the US dollar index strengthened to hit as high as 80.382 at the tail of trading, finally closing above 80. The stronger US dollar weighed down base metals markets. In this context, LME lead prices fell by USD 34.3/mt after a low open, finally closing at USD 2,370/mt. SMM expects LME lead prices to fluctuate above USD 2,350/mt in the short term.
In neighboring markets, gold futures for February delivery closed USD 15.20 lower at 1,371.00 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the 16,950-17,050/mt range on Friday.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: email@example.com