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SMM Morning Review - 2011/3/15 Lead Market
Mar 15, 2011 09:16Source:SMM
SHANGHAI, Mar.15 (SMM) – LME base metals markets showed mixed performance overnight. Although investors remained cautious due to uncertainties from the Japan’s earthquake, the lead futures trade simulation which is scheduled to launch today boosted LME lead prices. In response, LME lead prices opened up at USD 2,519/mt, but fell later, finally closing USD 64.8/mt higher at USD 2,489.8/mt. At present, LME lead prices are showing upward momentum, and coupled with China’s lead futures trade simulation, SMM expects LME lead prices may fluctuate at around USD 2,500/mt in the short term.
In neighboring markets, the US dollar settled at 76.378. Gold futures for April delivery closed USD 3.1 higher at USD 1,424.9 per ounce; silver futures for May delivery closed 9.5 cents lower at USD 35.84 per ounce.
SMM expects transactions in domestic lead markets to be made between RMB 17,150-17,250/mt on Tuesday.
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