Metals News
SMM Morning Review - 2011/3/11 Lead Market
smm insight
09:10AM
Mar 11,2011
Source:SMM

SHANGHAI, Mar.11 (SMM) – China unexpectedly reported a trade deficit of USD 7.3 billion in February; the US dollar index rebounded to above 77; crude oil prices fell slightly. The above factors jointly affected metals markets, resulting in mixed performances in LME base metals markets. LME lead prices closed USD 50/mt down at USD 2,430/mt after hitting USD 2,385.2/mt which was the lowest over the past half and one months. Politics should continue to weigh down metals prices, and LME lead prices are expected to fluctuate between USD 2,400-2,450/mt in the short term.

In neighboring markets, gold futures for April delivery closed USD 17.1 lower at USD 1,412.5 per ounce; silver futures for May delivery closed 98.1 cents lower at USD 35.066 per ounce.

SMM expects transactions in domestic lead markets to be made between RMB 17,000-17,150/mt on Friday.   


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