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SMM Morning Review - 2010/8/6 Lead Market
SHANGHAI, Aug. 6 (SMM) – An unexpected jump in the US initial jobless benefits claims triggered market concerns over the labor market. Coupled with expectations of China’s further move to tighten housing loans, LME base metals on Thursday came under downward pressure. LME lead prices weakened as low as USD 2,165/mt after falling below the 5-day moving average, and finally closed at USD 2,190/mt. SMM believes that LME lead prices will continue to experience corrections after previous gains in the short term.
In neighboring markets, the foreign exchange market was closely linked to economic performance. The US dollar index pared yesterday’s gains, and ended at 80.806. Gold futures for December delivery finished up USD 3.40 to close at USD 1,199.30 per ounce. Silver futures for September delivery was 4.30 cents higher to end at USD 18.321 per ounce.
Domestic lead market is expected to trade in the RMB 16,150-16,350/mt range on Friday.
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