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SMM Morning Review - 2011/2/23 Lead Market
Feb 23,2011 09:40CST
smm insight
Source:SMM

SHANGHAI, Feb. 23 (SMM) –On Tuesday, market were worried about petroleum output in Libya amid aggravated local tensions, and concerns grew in response on global economic recovery, resulting in investors' exit. In this context, LME base metals prices were down, with LME lead prices closing USD 37/mt lower at USD 2,614.3/mt and below the 5-day moving average. Base metals prices made up previous losses significantly following LME copper prices rose to all-time highs, and SMM expects LME lead prices to fall limitedly in the near term, if investors enter the market for bargain-hunting.

In neighboring markets, the US dollar index settled at 77.72 after rising to above 78. Gold futures for April delivery closed USD 12.5 higher at USD 1,401.10 per ounce; silver futures for March delivery closed 56.6 cents higher at USD 32.862 per ounce.

SMM expects transactions in domestic lead markets to be made between RMB 17,300-17,500/mt on Wednesday.   

 

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