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SMM Morning Review - 2011/3/16 Lead Market
Mar 16, 2011 09:00Source:SMM
SHANGHAI, Mar.16 (SMM) – On Tuesday, market concerns about Japan’s nuclear crisis depressed global equities, commodity prices fell as well, dragging down base metals prices. Although base metals markets pared early session’s losses due to a lower US dollar index, metals markets largely ended lower. LME lead prices closed USD 22.3/mt lower at USD 2,467.5/mt. In this context, SMM expects LME lead prices will fall below the 5-day moving average, but still move above USD 2,400/mt in the short term.
In neighboring markets, the US dollar fell from previous high levels, finally settling at 76.433, slightly up 0.045. Gold futures for April delivery closed USD 32.1 lower at USD 1,392.8 per ounce; silver futures for May delivery closed USD 1.723 lower at USD 34.117 per ounce.
SMM expects transactions in domestic lead markets to be made between RMB 17,050-17,150/mt on Wednesday.
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