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SMM Morning Review - 2011/3/9 Lead Market
Mar 9,2011 09:29CST
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SHANGHAI, Mar.9 (SMM) – On Tuesday, rising US stocks and crude prices falling from high levels boosted bargain-hunting in the LME lead market, and LME lead prices rebounded in response after falling below moving averages to USD 2,530/mt, finally closing USD 10/mt up at USD 2,590/mt. At present, LME lead prices are fluctuating between the 5 and 10-day moving averages. Close attention should be paid to recent macro politics and economy, which will have an impact on base metals markets. In this context, SMM expects LME lead prices may fluctuate between USD 2,560-2,590/mt in the short term.

In neighboring markets, the US dollar index settled at 76.838, up 0.327. Gold futures for April delivery closed USD 7.30/mt lower at USD 1,427.20 per ounce; silver futures for May delivery closed USD 0.207/mt lower at USD 35.658 per ounce.

SMM expects transactions in domestic lead markets to be made between RMB 17,350-17,450/mt on Wednesday.   

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