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SMM Morning Review - 2010/9/8 Lead Market
SHANGHAI, Sep. 8 (SMM) – Negative news about doubts over stress tests on European banking rekindled investor concerns over debt issue in the Euro zone, sending most base metal prices lower. LME lead market fell as low as USD 2,145/mt after falling below the 5-day moving average, and rallied above all moving averages at the tail of trading, with prices finally closing at USD 2,180/mt. SMM believes that LME lead prices will likely continue to drop.
In neighboring markets, the US dollar advanced due to renewed concerns over the European banking sector, helping the US dollar index close higher at USD 82.845. Gold futures for December delivery ended up USD 8.20 to close at USD 1,259.30 per ounce. Silver futures for December delivery finished 3.50 cents lower at USD 19.914 per ounce.
SMM expects domestic lead market to trade in the RMB 16,150-16,350/mt range on Wednesday.
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