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SMM Morning Review - 2010/8/5 Lead Market
SHANGHAI, Aug. 5 (SMM) – The favorable non-manufacturing data from the US on Wednesday helped LME base metals regain upward momentum. LME lead prices pared previous losses, and reached as high as USD 2,250/mt in the session, moving generally above USD 2,200/mt. SMM believes that LME lead prices will likely move higher.
In neighboring markets, the US dollar index ended its 5-day losing streak due to the better-than-expected non-manufacturing data and employment report from the US, closing up at 80.980, and the euro stopped gaining further against the US dollar temporarily. Gold futures for December delivery copper contract finished up USD 2.10 to end at USD 1,187.50 per ounce. Silver futures for September delivery contract ended 0.30 cents higher at USD 18.422 per ounce.
Domestic lead market is expected to trade between RMB 16,300-16,500/mt on Thursday.
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