SMM Morning Review - 2010/12/24 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/24 Lead Market

SMM Insight 09:15:55AM Dec 24, 2010 Source:SMM

SHANGHAI, Dec. 24(SMM) – On Thursday, the US initial jobless claims last week slipped to 420,000, and the US consumer spending in November rose for a fifth month, and the new homes sales also rose by 5.5% in November. LME lead prices rose in response to these positive economic data released by the US after a low opening. However, LME lead prices met resistance later due to the sluggish sentiment before the Christmas Holiday, finally closing USD 10.5/mt lower at USD 2,435/mt, below the 5-day moving average. Despite solid support at around USD 2,400/mt, SMM expects LME lead prices to fluctuate narrowly between USD 2,400-2,450/mt and mainly keep stable in the near term, due to the quiet trading sentiment before the Christmas Holiday.

In neighboring markets, the US dollar index moved between 80.3-80.8, finally settling at 80.458. Gold futures for February delivery closed USD 6.90 lower at 1,380.50 per ounce; silver futures for March delivery closed 5.70 cents lower at USD 29.3280 per ounce.  

SMM expects transactions in China’s lead spot markets to be made in the 16,900-17,000/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: service.en@smm.cn

 

 

 

 


 

Key Words:  lead Pb  lead prices 

SMM Morning Review - 2010/12/24 Lead Market

SMM Insight 09:15:55AM Dec 24, 2010 Source:SMM

SHANGHAI, Dec. 24(SMM) – On Thursday, the US initial jobless claims last week slipped to 420,000, and the US consumer spending in November rose for a fifth month, and the new homes sales also rose by 5.5% in November. LME lead prices rose in response to these positive economic data released by the US after a low opening. However, LME lead prices met resistance later due to the sluggish sentiment before the Christmas Holiday, finally closing USD 10.5/mt lower at USD 2,435/mt, below the 5-day moving average. Despite solid support at around USD 2,400/mt, SMM expects LME lead prices to fluctuate narrowly between USD 2,400-2,450/mt and mainly keep stable in the near term, due to the quiet trading sentiment before the Christmas Holiday.

In neighboring markets, the US dollar index moved between 80.3-80.8, finally settling at 80.458. Gold futures for February delivery closed USD 6.90 lower at 1,380.50 per ounce; silver futures for March delivery closed 5.70 cents lower at USD 29.3280 per ounce.  

SMM expects transactions in China’s lead spot markets to be made in the 16,900-17,000/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: service.en@smm.cn

 

 

 

 


 

Key Words:  lead Pb  lead prices