SMM Morning Review - 2010/2/23 Lead Market

SHANGHAI, Feb. 23 (SMM) -- Affected by profit-taking phenomenon, LME lead prices declined slightly but still stood firmly above USD 2,300/mt on Monday. The US will announce consumer confidence index in the evening, which is expected to provide directions for the market. As it is widely believed in the market that Chinese financial market will experience flat performance on the first trading day after the Chinese Spring Festival, LME lead prices are expected fluctuate at the beginning of this week, with prices standing firmly at USD 2,300/mt.

As negative impact of debt crisis from Euro zone still lingered in the market, investment interest from investors waned, and gold prices in COMEX futures market declined on Monday. Offers of April gold contract prices  have declined by USD 9/ounce to USD 1113.1/ounce, and March silver contract prices closed at USD 16.222/ounce, a decline of USD 0.191/ounce. It is expected that traded prices in domestic spot market will be around RMB 16,400/mt.

To contact the writer on this report: sherryshi@smm.cn

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