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SMM Morning Review - 2010/3/11 Lead Market
SHANGHAI, Mar. 11 (SMM) -- The LME lead market overnight closed at above USD 2,250/mt, testing USD 2,300/mt. Positions increased further, with long positions entering. SMM believes LME lead prices will still meet resistance at USD 2,300/mt in the short term.
In neighboring markets, the euro gained against the dollar due to easing concerns in some EU countries from successful bond auction in Portugal. The US dollar closed at 80.45. Gold futures on the COMEX closed at USD 1,108.1 per ounce, down USD 14.20, and silver futures for May delivery finished 32 cents off to USD 17.018 per ounce.
Domestic spot lead market is expected to trade between RMB 15,800-15,900/mt.
To contact the writer on this report: Sherryshi@smm.cn
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