SMM Morning Review - 2010/5/13 Lead Market

SHANGHAI, May 13 (SMM) -- On Wednesday, LME lead market failed to maintain its rising trend at the end of trading, falling back from USD 2,070/mt to USD 2,040/mt, with no clear market direction available. Despite of positive GDP in the euro zone, market concerns over the economic outlook in the Europe capped the rising momentum of LME lead prices. Therefore, SMM believes short and long positions will continue to struggle at existing levels.

In neighboring markets, the euro initially was supported by Spain's decision to reduce budget deficit by cutting civil service salaries, but finally dropped slightly against the US dollar, plagued by continuing concerns over the economy recovery in the euro zone. The US dollar closed at 84.746. Gold futures for June delivery ended up USD 22.80 at USD 1,243.1 per ounce. Silver futures for July delivery finished 36.9 cents higher at USD 19.663 per ounce.

Domestic lead market is expected to deal in the RMB 15,150-15,300/mt range on Thursday. 

To contact the writer on this report: Sherryshi@smm.cn

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn