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SMM Morning Review - 2010/7/28 Lead Market
SHANGHAI, July 28 (SMM) – LME lead market on Tuesday closed in negative territory after a gain of more than 10% made in five days in a row, with prices ending at USD 1,970/mt after fluctuating at around USD 2,000/mt. SMM believes that LME lead prices will continue to experience corrections in the short term due to profit-taking.
In the neighboring markets, a poor consumer confidence reading from the US reignited investor concerns towards the pace of economic recovery. As a result, the euro dropped against the US dollar, and the US dollar index edged up to 82.184 in response. Gold futures for August delivery closed down USD 25.10 to end at USD 1,158 per ounce. Silver futures for September delivery finished 57.40 cents higher at USD 17.626 per ounce.
Domestic lead market is expected to trade in the RMB 15,600-15,700/mt range on Wednesday.
To contact the writer on this report: xiaqing@smm.cn
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