Metals News
SMM Morning Review - 2011/3/18 Lead Market
smm insight
Mar 18,2011

SHANGHAI, Mar.18 (SMM) – On Thursday, the US initial jobless claims in last week were down; the Philadelphia Fed Index hit the high level since January 1984; meanwhile, Japan’s nuclear crisis eased. All the above factors lifted investors’ appetite, and LME lead prices rose to hit USD 2,677.3/mt in response, but met resistance at high levels later, with prices finally closing USD 19/mt down at USD 2,581/mt. LME lead prices show strong upward momentum technically, and are expected to rise to USD 2,600/mt in the short term.

In neighboring markets, the US dollar fell back below 76 which was the new record low, finally settling at 75.996 after hitting 75.848.

SMM expects transactions in domestic lead markets to be made between RMB 17,250-17,350/mt on Friday.   

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