SMM Morning Review - 2011/3/29 Lead Market

SHANGHAI, Mar.29 (SMM) – On Monday, investors kept concerned on Japan’s nuclear crisis, the Middle East unrest, and ongoing European debt crisis, making market sentiment negative. In response, the US dollar index rose and broke through 76, causing LME lead prices to fall USD 29.9/mt and close at USD 2,640/mt. At present, LME lead prices are weighed down below the 10-day moving average and showing weaker upward momentum technically. However, LME lead spot premiums rose to USD 37.75/mt, and so SMM expects any room for LME lead prices falls to be limited in the short term.

In neighboring markets, the US dollar index rose to break through 76, finally settling at 76.265.

SMM expects transactions in domestic lead spot markets to be made between RMB 17,500-17,600/mt on Tuesday.   

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