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SMM Morning Review - 2010/5/17 Lead Market
SHANGHAI, May 17 (SMM) -- The euro hit an 18-month low versus the US dollar, plagued by market concerns that tough measures taken by European Union members to reduce budget deficit will depress the economic recovery in the Europe and the World as well. As a result, the US dollar index set a new high of 86.438, and closed at 86.382. In this context, base metals prices closed lower on Friday. LME lead prices tumbled 7%, falling below USD 2,000/mt, and with support available at USD 1,925/mt. Technically, LME lead prices enter a downward track, with weak performance expected.
In neighboring markets, gold futures for June delivery ended down USD 1.40 to USD 1,227.80 per ounce. Silver futures for July delivery finished off 27.4 cents to USD 19.225 per ounce.
Domestic lead market is expected to trade between RMB 15,000-15,200/mt on Monday.
To contact the writer on this report: Sherryshi@smm.cn
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