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SMM Morning Review - 2011/7/25 Lead Market
Jul 25,2011 09:17CST
smm insight
LME lead prices fluctuated above USD 2,500/mt overnight after opening

SHANGHAI, Jul. 25 (SMM) – LME lead prices fluctuated above USD 2,500/mt overnight after opening, and rose to USD 2,720-2,735/m in the afternoon. During the European trading session, market absorbed positive factors from the bailout plan for Greece and the negotiation for US debt ceiling did not reach great improvement, both restricting LME lead price gains. In response, LME lead prices dipped to USD 2,669/mt, and rebounded to USD 2,697/mt at end of trading, down USD 7/mt, but still met resistance at USD 2,700/mt. SMM expects LME lead prices may test the USD 2,700/mt mark on Monday.

In neighboring markets, the US dollar index finally settled at 74.24.

SMM expects domestic lead spot prices to be between RMB 16,950-17,100/mt on Monday.

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