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SMM Morning Review - 2010/3/10 Lead Market
SHANGHAI, Mar. 10 (SMM) -- The LME lead market overnight closed down at USD 2,251/mt, dropping as low as USD 2,213/mt and testing the 10-day moving average. Later, LME lead market erased some losses due to a falling dollar. Recently, the US dollar is a dominating factor for lead prices, since no major news or solid economic data is available.
In neighboring markets, the euro fell against the dollar, as warning of deteriorating credit quality in Europe by Fitch Ratings once again triggered market concerns over debt issues in some EU countries. The US dollar index closed at 80.54. Gold futures on the COMEX closed at USD 1,122.3 per ounce, down USD 1.7, and silver futures for May delivery ended up 6.6 cents to USD 17.338 per ounce.
To contact the writer on this report: Sherryshi@smm.cn
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