SMM Morning Review - 2010/3/2 Lead Market

SHANGHAI, Mar. 2 (SMM) -- On Monday, LME lead prices represented weak performance, with small declines in total positions, along with easing concerns over copper supply from Chile's earthquake, unfavorable manufacturing data both in China and the US, as well as steady increases of stocks in LME Asian warehouses. Due to limited positive impact, LME lead prices moved by USD 50/mt around USD 2,200/mt.

In neighboring markets, the euro fell against the US dollar on Monday, as uncertainty over aid plan of Greece's debt issue persisted, and due to plunging sterling, which hit a 10-month low against the US dollar. Gold futures on the COMEX experienced limited changes. Despite of a rising US dollar, investors in the UK and other countries chose to buy gold in view of a weaker currency of their own countries. Gold futures for April delivery fell 60 cents to USD 1,118.3 per ounce, and silver futures for March delivery closed at USD 16.469 per ounce, down 5.2 cents.

Domestic lead prices are expected to move in the RMB 15,850-15,950/mt range. 
 
To contact the writer on this report: Sherryshi@smm.cn

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