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SMM Morning Review - 2010/6/17 Lead Market
SHANGHAI, June 17 (SMM) – LME lead prices advanced due to a weaker US dollar during Chinese Dragon Boat Festival holiday, and tested USD 1,800/mt after climbing above USD 1,700/mt. An unclear market direction is available on the LME lead market after closing at USD 1,760/mt yesterday. SMM believes time is needed for LME lead prices to gain further, given strong resistance at USD 1,800/mt in previous time.
In neighboring markets, the euro fell against the US dollar along with investor concerns over Spain's credit and banking system, and a dropping operating rate in the US's housing sector in May. As a result, the US dollar index closed at 86.192. Gold futures for August delivery ended at USD 1,230.50 per ounce, down 3.90. Silver futures for July delivery finished 13.70 cents higher at USD 18.441 per ounce.
Domestic lead market is expected to trade in the RMB 14,400-14,600/mt on Thursday.
To contact the writer on this report: xiaqing@smm.cn
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