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SMM Morning Review - 2010/7/29 Lead Market
SHANGHAI, July 29 (SMM) – LME lead prices jumped on Wednesday, led by rising LME copper prices from optimistic outlook towards metal demand in China, reaching as high as USD 2,025/mt, and paring losses made on Tuesday. A bullish sentiment will remain in the market in the short term.
In neighboring markets, the euro edged up against the US dollar on Wednesday along with weaker-than-expected durable goods orders from the US, and the Fed’s comments about the economy. As a result, the US dollar index moved around 82, and closed at 82.079. Gold futures for August delivery copper contract closed up USD 2.4 to end at USD 1,160.40 per ounce, and silver futures for September delivery ended 18.50 cents lower at USD 17.441 per ounce.
Domestic lead market is expected to trade in the RMB 15,700-15,900/mt range on Thursday.
To contact the writer on this report: xiaqing@smm.cn
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