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SMM Morning Review - 2011/7/1 Lead Market
Jul 1,2011 09:07CST
smm insight

SHANGHAI, Jul. 1 (SMM) – On Thursday, LME lead prices found support at the 5-day moving average after slight falls. After the Greek parliament approved the 5-year euro zone bailout policies, the euro strengthened and the June Chicago PMI in the US was 61.1, better than the forecast. In response, LME lead prices retained the upside trend and rose USD 2,680/mt, the highest over the past two and a half months, with prices finally closing at USD 2,671/mt, up USD 44/mt, or a gain of 1.67%. SMM expects LME lead prices may fluctuate between USD 2,600-2,700/mt on Friday.

In neighboring markets, the US dollar index settled at 74.505.

SMM expects domestic lead spot prices to be RMB 16,250-16,400/mt on Friday.

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