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SMM Morning Review - 2011/2/28 Lead Market
Feb 28, 2011 09:09Source:SMM
SHANGHAI, Feb. 28 (SMM) – Last Friday, market concerns eased that the Libya unrest may cause crude supply disruption, and crude prices were stable below USD 100/bbl in response. Boosted by stabilized crude prices, LME base metals largely closed with gains last Friday, but LME lead prices met resistance at the 60-day moving average when approaching to USD 2,520/mt, finally closing at USD 2,494.9/mt, slightly down USD 5.1/mt. SMM expects LME lead prices will fluctuate at around USD 2,500/mt in the near term before regaining upward momentum.
In neighboring markets, the US dollar index rose slightly to above 77 last Friday after fluctuating at low levels, finally settling at 77.217. Gold futures for April delivery closed USD 6.5 lower at USD 1,409.3 per ounce; silver futures for March delivery closed 26.8 cents lower at USD 32.898 per ounce.
SMM expects transactions in domestic lead markets to be made between RMB 17,300-17,600/mt on Monday.
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