SMM Morning Review - 2011/3/14 Lead Market

SHANGHAI, Mar.14 (SMM) – Last Friday, LME lead prices regained previous losses and returned above USD 2,400/mt, closing only USD 5/mt lower at USD 2,425/mt, due to a weaker US dollar index after the earthquake in Japan, and due to market expectations of higher metals demand for reconstruction of destroyed Japanese cities. LME lead prices currently show solid support at low-end prices, and are expected to fluctuate weakly above USD 2,400/mt in the short term.

In neighboring markets, the US dollar index was down due to the earthquake in Japan, finally settling 0.519 down at 76.718. Gold futures for April delivery closed USD 9.3 higher at USD 1,421.8 per ounce; silver futures for May delivery closed 86.90 cents higher at USD 35.9350 per ounce.

SMM expects transactions in domestic lead markets to be made between RMB 17,050-17,200/mt on Monday.   

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