SMM Morning Review - 2012/3/15 Lead Market

SHANGHAI, Mar. 15 (SMM) – LME lead prices overnight opened at USD 2,165/mt and fluctuated down due to the strong US dollar index. Later, as the NPC and CPPCC sessions suggested the persistent tight property policy in China, both relative property section and base metals dropped. LME lead prices finally closed at USD 2,105/mt with depressed market sentiment, surrendering the gains since last Thursday, down USD 58.3/mt, or 2.69%.

The US dollar index closed at 80.6, and COMEX 5 month silver slumped to close at USD 32.19/oz, down USD 1.2/oz or 3.6%.

On Thursday, SHFE lead prices are expected to move between RMB 15,700-16,000/mt. Domestic spot prices should be RMB 15,700-15,850/mt.