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SMM Morning Review - 2010/6/3 Lead Market
SHANGHAI, June 3 (SMM) -- On Wednesday, LME lead prices plummeted to USD 1,678/mt in the session, and later rising US equities and rebounding crude oil prices helped LME lead prices pare some losses, struggling to stand above USD 1,700/mt. Total positions increased to a year high of more than 96,000 lots. SMM believes LME lead prices will continue to experience weak fluctuations.
In neighboring markets, the euro stabilized versus the US dollar, as no further negative news concerning debt issues in Europe came out. The US dollar index closed at 86.697. Gold futures for August delivery ended at USD 1,222.60 per ounce, down USD 4.30. Silver futures for July delivery finished 23.60 cents lower at USD 18.315 per ounce.
Domestic lead market is expected to deal between RMB 14,350-14,500/mt on Thursday.
To contact the writer on this report: xiaqing@smm.cn
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