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SMM Morning Review - 2010/8/12 Lead Market
SHANGHAI, Aug. 12 (SMM) – The US trade gap widened surprisingly by USD 49.9 billion in June to set a 21-month high, adding to market concerns over a slowing economic growth, and investor risk appetite reduced as a result. On Wednesday, LME lead pries fell USD 60/mt to end at USD 2,075/mt. Positions were up more than 1,000 lots, and shorts may enter the market.
In neighboring markets, lower risk appetite helped the US dollar soar yesterday, reaching as high as the 30-day moving average before closing at 82.426. Gold futures for December delivery gained USD 1.20 to end at USD 1,199.20 per ounce. Silver futures for September delivery finished 25.6 cents higher at USD 17.902 per ounce.
Domestic lead market is expected to trade in the RMB 16,050-16,300/mt range on Thursday.
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