SMM Morning Review - 2011/3/24 Lead Market

SHANGHAI, Mar.24 (SMM) – On Wednesday, the US dollar index rose moderately, but still failed to break through 76, finally closing at 75.848. Market focused more on growing metal demand boosted by Japan’s post-quake reconstruction, so LME base metals largely closed up. Meanwhile, LME lead prices rose to above USD 2,700/mt, finally closing USD 12.8/mt up at USD 2,702.5/mt, but SMM expects LME lead prices may fluctuate at around this level in the short term. Close attention should be paid to movement of the SHFE lead futures market.

In neighboring markets, the gold futures for April delivery closed USD 10.4 up at USD 1,438 per ounce; the silver futures for May delivery closed 92.9 cents up at USD 37.198 per ounce.

SMM expects transactions in domestic lead markets to be made at RMB 18,000/mt on Thursday.   

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