SMM Morning Review - 2010/9/6 Lead Market

SHANGHAI, Sep. 6 (SMM) – The stronger-than-expected non-farm employment data in the US, and a string of positive data boosted market sentiment, helping base metal prices gain. Supported by a new 4-month high on the LME copper market, LME lead prices reached as high as USD 2,195/mt. However, the US later announced that the non-manufacturing ISM employment index was lower than expected, depressing improved market sentiment from positive non-farm employment data. In this context, base metal markets fell back at the end of trading, and LME lead prices finally closed at USD 2,185/mt. SMM expects LME lead prices to fluctuate at high levels in the near future.

In neighboring markets, the US dollar index fell on Friday, as the stronger-than-expected non-farm employment data in the US eased market concerns over economic outlook. The US dollar index finally closed at 82.015 after falling as low as 81.988. Gold futures for December delivery closed down USD 2.30 to end at USD 1,251.10 per ounce. Silver futures for December delivery finished 27.70 cents higher at USD 19.949 per ounce.

Domestic lead market is expected to trade in the RMB 16,200-16,300/mt range on Monday.

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