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SMM Morning Review - 2010/6/22 Lead Market
SHANGHAI, June 22 (SMM) – Base metals prices climbed higher following the news of China’s pledge to make yuan more flexiable. On Monday, LME lead prices rallied to USD 1,835/mt before closing at USD 1,800/mt. Particular attention should be paid to the US existing housing data. SMM expects LME lead prices to fluctuate around the 30-day moving average.
In neighboring markets, the euro fell against the US dollar on Monday, since Fitch Ratings lowered BNP Paribas SA from AA to AA minus. The US dollar index closed at 85.928. Gold futures for August delivery ended at USD 1,240.70/mt, down USD 17.60 per ounce. Silver futures for July delivery finished at 37.60 cents lower at USD 18.808 per ounce.
Domestic lead market is expected to trade in the RMB 14,600-14,700/mt range on Tuesday.
To contact the writer on this report: xiaqing@smm.cn
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