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SMM Morning Review – 2010/8/23 Lead Market
SHANGHAI, Aug. 23 (SMM) -- Due to sustainable negative impact from the lower-than-expected US economic data released on last Thursday, LME lead prices experienced a weak performance, felling to test USD 2,045/mt and closing at USD 2,050/mt. Currently, LME lead prices have already fallen below the 20-day moving average and will go through corrections around the 30-day moving average.
In the neighboring market, investors seek the US dollar as a safe-haven to hedge against financial risk due to the impact from lower-than-expected US economic data, pushing the US dollar to 83. Gold to be delivered in December closed at USD 1,228.80/ounce, down USD 6.60/ounce, and silver for delivery in in September ended at USD 17.991/ounce, down CENT 33.6/ounce or down 1.8%.
It is expected that domestic lead spot prices will move between RMB 15,800-16,000/mt on Monday.
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