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SMM Morning Review - 2011/2/21 Lead Market
Feb 21,2011 09:14CST
smm insight

SHANGHAI, Feb. 21 (SMM) – Last Friday, the People’s Bank of China raised benchmark deposit interest rate by 0.5% again. However, lower US dollar index and higher US stock prices offset affects from China’s higher deposit rate. In response, LME lead prices closed USD 65/mt higher at USD 2,655/mt last Friday, the one-month high. LME lead prices retain upward momentum technically, and are expected to likely fluctuate above USD 2,630/mt in the short term.

In neighboring markets, the US dollar index was down for a fourth day, finally settling at 77.621. Gold futures for April delivery closed USD 3.50 higher at USD 1,388.60 per ounce; silver futures for March delivery closed 72.6 cents higher at USD 32.296 per ounce.

SMM expects transactions in domestic lead markets to be made between RMB 17,150-17,400/mt on Monday.

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