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SMM Morning Review - 2010/5/31 Lead Market
SHANGHAI, May 31 (SMM) -- The lower-than-expected economic data in the US, including consumer spending and PMI index depressed market confidence. As a result, LME lead prices dropped from a session high of USD 1,870/mt to USD 1,825/mt.
In neighboring markets, Fitch cut Spain's ratings to AA-Plus last Friday, and the euro weakened against the US dollar as a result, helping the US dollar index close at 86.781. Gold futures for August delivery closed at USD 1,215/mt, up USD 0.60. Silver futures for July delivery ended 4.60 cents lower at USD 18.422 per ounce.
Domestic lead market is expected to trade between RMB 14,650-14,800/mt on Monday.
To contact the writer on this report: xiaqing@smm.cn
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