SHANGHAI, Mar.22 (SMM) – On Monday, the US National Association of Realtors released that existing home sales in the US fell 9.6% in February 2011 to 4.88 million annualized units, the lowest level since November 2010 and larger than the expected decline of 4.0%. Besides, the February existing home sales were down 2.8% YoY in February. The depressed US home sales sparked market concerns on recovery of US home markets. In response, LME lead prices closed USD 5/mt down at USD 2,689.8/mt, but still above moving averages. Amid strong LME lead prices, market players may conduct profit-takings near USD 2,700/mt, leaving prices to fluctuate between USD 2,655-2,690/mt in the short term.
In neighboring markets, the US dollar fell to set a new low of 75.34, finally settling at 75.468. The gold futures for April delivery closed USD 10.3 up at USD 1,426.40 per ounce; the silver futures for May delivery closed 94.3 cents up at USD 36.001 per ounce.
SMM expects transactions in domestic lead markets to be made between RMB 17,500-17,650/mt on Tuesday.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: firstname.lastname@example.org