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SMM Morning Review - 2010/2/8 Lead Market
SHANGHAI, Feb. 8 (SMM) --LME lead prices closed at USD 1,950/mt on Friday due to no clear market direction from mixed employment data in the US. LME lead prices are expected to track price trends of other base metals earlier this week, with prices estimated in the USD 1,920-2,000/mt range.
In neighboring markets, the US dollar and yen strengthened due to investor worries over economy in the euro zone, causing the euro to drop to an 8-month low against the dollar, and the US dollar index closed at 80.213. Gold futures on the COMEX fell further from its 3-month low. Gold futures for April delivery closed USD 10.2 lower at USD 1,052.8 per ounce, and silver futures for March delivery ended at USD 14.83 per ounce, down cents 52.
Domestic lead market is believed to trade in the RMB 15,300-15,400/mt, with weak trading sentiment estimated.
To contact the writer on this report: Sherryshi@smm.cn
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