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SMM Morning Review - 2010/5/19 Lead Market

iconMay 19, 2010 00:00

SHANGHAI, May 19 (SMM) -- On Tuesday, base metals market pared half of Monday's losses. LME lead prices closed up USD 65 at USD 1,820/mt, but remained in this year's low price territory, and with no upward momentum available technically. LME copper prices are expected to continue to fluctuate at low levels.

In neighboring markets, the Euro slid after Germany announced to temporarily ban naked short selling aimed to stop a slump in European asset prices. In this context, the euro set a 4-year low against the US dollar, helping the US dollar index reach as high as 87.463 in Asian trading hours, and with the index finally closing at 87.340. Gold futures for June delivery ended USD 13.50 lower at USD 1,214.60 per ounce. Silver futures for July delivery finished up USD 2 at USD 18.879 per ounce.

Domestic lead market is expected to trade between RMB 14,500-14,700/mt on Wednesday.

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

 

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