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SMM Morning Review - 2010/5/21 Lead Market
SHANGHAI, May 21 (SMM) -- LME lead prices stabilized above USD 1,725/mt after the euro stopped falling against the US dollar on Thursday, but met great resistance at the 5-day moving average of USD 1,800/mt. The US's unfavorable economic data raised market concerns over the recovery of economy, posing negative impact on commodity market. LME lead prices are expected to move between USD 1,700-1,770/mt on Friday.
In neighboring markets, the euro gained versus the US dollar, but market sentiment remains negative, as concerns over the European debt issues are still in limbo. The US dollar index fell back below 86, and finally closed at 85.846. Gold futures for June delivery ended at USD 1,188.6 per ounce, down USD 4.5. Silver futures for July delivery finished 40 cents lower to USD 17.715 per ounce.
Domestic lead market is expected to deal around RMB 14,500/mt on Friday.
To contact the writer on this report: Sherryshi@smm.cn
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