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SMM Morning Review - 2010/3/17 Lead Market
SHANGHAI, Mar. 17 (SMM) -- The LME lead market overnight closed slightly higher due to a weaker dollar from the Fed statement. However, a downward room is still available for LME lead market based on technical indicators. LME lead prices are expected to fluctuate in the USD 2,170-2,250/mt range.
In neighboring markets, the euro gained against the US dollar, supported by positive impact from the Fed statement and S&P’s affirmation of Greece’s rating. In this context, the US dollar index ended at 79.707. Gold futures on the COMEX closed at USD 1,122.50 per ounce, up USD 17.10. Silver futures for May delivery were up 24.6 cents to USD 17.345 per ounce.
Domestic lead market is expected to trade between RMB 15,550-15,650/mt on Wednesday.
To contact the writer on this report: Sherryshi@smm.cn
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