SMM Morning Review - 2011/8/24 Lead Market

Aug 24, 2011 09:47

LME lead prices overnight surged to USD 2,300/mt during Asian trading hours as China’s HSBC PMI for August was better than forecasts,

SHANGHAI, Aug. 24 (SMM)--LME lead prices overnight surged to USD 2,300/mt during Asian trading hours as China’s HSBC PMI for August was better than forecasts, but with prices meeting resistance at that level. Weighed down by poor US economic data including new housing starts, LME lead prices fell to as low as USD 2,286/mt, but gained back previous losses at the end of trading to close at USD 2,354/mt, up USD 86/mt, or up 3.79%. LME lead prices should fluctuate between USD 2,300-2,370/mt today.

The US dollar rallied to close at 73.845.

Domestic spot lead prices should be between RMB 16,150-16,300/mt.

LME lead prices

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SMM Morning Review - 2011/8/24 Lead Market

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