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SMM Morning Review - 2010/9/29 Lead Market
SHANGHAI, Sep. 29 (SMM) – The US Consumer Confidence Index (CCI) in September released on Tuesday was 48.5, much lower than the expected level of 52.5 and the lowest since this February, triggering concerns that the Federal Reserve may accelerate its quantitative easing pace. In this context, the US dollar index fell below 79 and tested the new low at 78.861. In response, LME lead market pared previous losses on Tuesday, and finally closed at USD 2,251/mt. At present, LME lead market meet resistance at the 5-day moving averaging, but is likely to rise and break through the 5-day moving averaging if the US dollar continues to fall.
In neighboring markets, gold futures for December delivery closed USD 9.70 higher at USD 1,308.30 per ounce; silver futures for December delivery closed 23.60 cents higher at USD 21.7070 per ounce.
SMM expects that transactions in domestic lead spot market will be done in the RMB 16,500-16,650/mt range on Wednesday.
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