SMM Morning Review - 2010/7/15 Lead Market

SHANGHAI, July 15 (SMM) – On Wednesday, the US announced weaker economic data, and so LME lead prices continued to experience corrections, and finally closed at USD 1,810/mt. Recently, trading sentiment on the LME lead market was lackluster, with stable trading sentiment and positions, an indication that pressure at USD 1,850/mt remains. Particular attention should be paid to the release of major economic data from China on Thursday, and the Agricultural Bank of China’s beginning of trading on the same day.

In neighboring markets, the US retail sales data dropped for a second straight month, and meanwhile the US Federal Reserve lowered its forecast for economic growth this year. In this context, the US dollar index closed lower at 83.417. Gold futures for August delivery closed at USD 6.50 lower to end at USD 1,207 per ounce. Silver futures for September delivery finished up 3.30 cents at USD 18.29 per ounce.

SMM expects domestic lead market to deal in the RMB 14,700-14,850/mt on Thursday.

To contact the writer on this report: xiaqing@smm.cn 

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