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SMM Morning Review - 2011/3/28 Lead Market
Mar 28, 2011 09:18Source:SMM
SHANGHAI, Mar.28 (SMM) – Last Friday, the US released the 4Q GDP grew at an annual pace of 3.1%, higher than expected 3.0%, but investors’ concerns increased given that Fitch Ratings lowered the credit rating of Portugal, as well as due to ongoing turmoil in the Middle East. In response, investors increased their wait-and-see sentiment, making the US dollar index to rise and break through 76. As a result, LME lead prices fell by USD 74.9/mt to close at USD 2,669.9/mt, and are expected to fluctuate at around USD 2,660/mt in the short term.
In neighboring markets, the US dollar index was slightly up to settle at 76.133.
SMM expects transactions in domestic lead spot markets to be made between RMB 17,600-17,750/mt on Monday.
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