SMM Morning Review - 2011/3/4 Lead Market-Shanghai Metals Market

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SMM Morning Review - 2011/3/4 Lead Market

SMM Insight 09:16:52AM Mar 04, 2011 Source:SMM

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.   


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 

SMM Morning Review - 2011/3/4 Lead Market

SMM Insight 09:16:52AM Mar 04, 2011 Source:SMM

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.   


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