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Home / Metal News / SMM Morning Review - 2011/7/26 Lead Market

SMM Morning Review - 2011/7/26 Lead Market

iconJul 26, 2011 09:04
Source:SMM
LME lead prices fell below USD 2,700/mt and drifted lower after opening

SHANGHAI, Jul. 26 (SMM) – LME lead prices fell below USD 2,700/mt and drifted lower after opening, but rebounded to the opening level during the session. During the European trading session, the Moody’s downgraded the credit rating for Greece to C, and coupled with the US debt issue, LME lead prices continued to fall and lost pervious gains, hitting USD 2,669/mt, but found support at the 20-day moving average. Finally, LME lead prices closed at USD 2,680/mt, down USD 17/mt. SMM expects LME lead prices may fluctuate between USD 2,650-2,700/mt on Tuesday.

In neighboring markets, the US dollar index finally settled at 74.115.

SMM expects domestic lead spot prices to be between RMB 16,900-17,000/mt on Tuesday.


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