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SMM Morning Review - 2010/5/18 Lead Market
SHANGHAI, May 18 (SMM) -- Base metals market on Monday closed lower due to ongoing worries over debt issues in the Europe. LME lead prices fell to USD 1,750/mt, a new low since July 2009, and with prices closing at USD 1,755/mt, down 8.83%, leading price declines of base metals. Particular attention should be paid to whether or not LME lead prices are able to stabilize above USD 1,750/mt today.
In neighboring markets, the euro rebounded from a 4-year low against the US dollar, but a pessimistic sentiment sill dominated the euro zone. The US dollar ended at 86.208 after climbing above 87.063 in the session. Gold futures for June delivery finished up USD 0.30 to USD 1,228.1 per ounce. Silver futures for July delivery closed 36.6 cents lower to USD 18.859 per ounce.
Domestic lead market is expected to deal in the RMB 14,650-14,750/mt range on Tuesday.
To contact the writer on this report: Sherryshi@smm.cn
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