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SMM Morning Review - 2010/5/26 Lead Market
SHANGHAI, May 26 (SMM) -- The US economic data showed a positive trend, but base metals market weakened by the unresolved debt issues in the Europe. LME lead prices fell by USD 95/mt to close at USD 1,750/mt, with positions down 2,000 lots. LME lead prices are expected to fluctuate at low levels on Wednesday.
In neighboring markets, the euro dropped against the US dollar, due to concerns that systematic risks in Spain's banking sector would worsen the ongoing debt issues in the Europe. Later, the euro pared most losses thanks to rebounding US's equities. The US dollar index ended at 86.612. Gold futures for June delivery closed at USD 1,198 per ounce, up USD 4.0. Silver futures for July delivery finished 21.90 cents lower to USD 17.7810 per ounce.
Domestic lead market is expected to trade between RMB 14,500-14,650/mt on Wednesday.
To contact the writer on this report: Sherryshi@smm.cn
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