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SMM Morning Review - 2010/3/12 Lead Market
SHANGHAI, Mar. 12 (SMM) -- The LME lead market overnight closed at USD 2,250/mt, falling as low as USD 2,240/mt, standing firm above the 20-day moving average. Positions grew for four days in a row, exceeding 90,000 lots. SMM believes LME lead market on Friday will depend on performance on Asian securities market, with prices expected to move in the USD 2,230-2,300/mt. Particular attention should be paid to the US retail sales data to be announced in the evening.
In neighboring markets, the euro strengthened against the dollar following mixed outlook for the US economic recovery from the country's trade deficit data. The US dollar index closed at 80.28. Gold futures on the COMEX ended at USD 1,108.2 per ounce, up USD 0.10, and silver futures for May delivery closed up 14.2 cents to USD 17.160 per ounce.
Domestic lead market is expected to trade in the RMB 15,600-15,700/mt range.
To contact the writer on this report: Sherryshi@smm.cn
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