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SMM Morning Review - 2011/3/4 Lead Market
Mar 4,2011 09:16CST
smm insight

SHANGHAI, Mar.4 (SMM) – The US initial jobless claims last week fell by 20,000, the lowest level since May 2008. Besides, some press articles reported that Gaddafi agreed to solve the Libyan unrest peacefully, easing the rising oil prices. Market confidence improved amid a weaker US dollar index, rising US stock prices as well as slower pace of oil prices increase. In response, LME lead prices rose to USD 2,610/mt on Thursday, but met resistance later, finally closing at USD 2,584.3/mt, up USD 59.8/mt. Investors’ appetite grew in view of improved situation in Libya, and LME lead prices remain upward momentum technically. In this context, SMM expects LME lead prices may rise to USD 2,600/mt in the short term.

In neighboring markets, the US dollar index hit a new low of 76.385, finally settling at 76.49. Gold futures for April delivery closed USD 21.3 lower at USD 1,416.40 per ounce; silver futures for March delivery closed 50.8 cents lower at USD 34.327 per ounce.

SMM expects transactions in domestic lead markets to be made between RMB 17,450-17,650/mt on Friday.   

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