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SMM Morning Review - 2010/6/4 Lead Market
SHANGHAI, June 4 (SMM) -- On Thursday, LME lead prices tumbled to USD 1,630/mt before closing at USD 1,640/mt. Positions continued to increase to more than 97,000 lots. Particular attention should be paid to the US's non-farm employment data due on Friday's evening. The data is expected to favor the US dollar, which will further weigh down base metals market.
In neighboring markets, Hungary is facing debt problems, which we see in Greece. Market expects that the US's economic data to be released this evening will be positive. The euro fell versus the US dollar, helping the US dollar index close at 87.113. Gold futures for August delivery closed at USD 1,210 per ounce, down USD 12.60. Silver futures for July delivery finished 38.4 cents lower at USD 17.931 per ounce.
Domestic lead market is expected to deal between RMB 14,200-14,400/mt on Friday.
To contact the writer on this report: xiaqing@smm.cn
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