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SMM Morning Review - 2010/6/24 Lead Market
SHANGHAI, June 24 (SMM) – The US’s new home sales in May plunged by 32.7% on a monthly basis, promoting investors to choose the US dollar for risk aversion. In this context, base metal prices weakened, especially LME lead prices, which tumbled from a session high of USD 1,830/mt to USD 1,775/mt, and managed to stand above USD 1,800/mt at the closing.
In neighboring markets, the US dollar slid against the US dollar on Wednesday, as the US dollar gave back gains from the weaker-than-expected new home sales from the US after the US Federal Reserve decided to leave its extremely low interest rate unchanged. The US dollar index closed at 85.820. Gold futures for August delivery copper contract closed at USD 1,234.80 per ounce, down USD 6. Silver futures for July delivery finished at 44.30 cents lower at USD 18.459 per ounce.
Domestic lead market is expected to trade in the RMB 14,700-14,850/mt range on Thursday.
To contact the writer on this report: xiaqing@smm.cn
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