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SMM Morning Review - 2011/7/15 Lead Market
Jul 15, 2011 09:54Source:SMM
On Thursday, LME lead prices fluctuated narrowly above USD 2,700/mt after opening at the level
SHANGHAI, Jul. 15 (SMM) – On Thursday, LME lead prices fluctuated narrowly above USD 2,700/mt after opening at the level. During the European trading session, Bernanke said the US is not going to have QE3 for the foreseeable future, boosting the US dollar index. In response, LME lead prices fell below the 5 and 10-day moving average to hit a low of USD 2,655/mt, with prices finally closing at USD 2,671.5/mt, down USD 40/mt or 1.49%. SMM expects LME lead prices may fluctuate between USD 2,650-2,730/mt on Friday.
In neighboring markets, the US dollar index settled at 74.885.
SMM expects domestic lead spot prices to be RMB 16,900-17,100/mt on Friday.
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