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SMM Morning Review - 2010/9/30 Lead Market
SHANGHAI, Sep. 30 (SMM) – LME lead market rallied following a slight decline to USD 2,280/mt and finally closed at USD 2,305/mt on Wednesday, given the weak US dollar and strong Chinese Manufacturing Purchasing Manager’s Index (PMI). At present, LME lead prices stay above all moving averages, and a rising momentum can be exhibited from technical indicators. In this context, SMM expects that LME lead prices will move around at the high of USD 2,300/mt in the short term.
In neighboring markets, the US dollar index met resistance at the 79.005 mark to finally close at 78.765, dragged by concerns that the Federal Reserve may further ease the policy. Gold futures for December delivery closed USD 2 higher at USD 1,310.30 per ounce; sliver futures for December delivery closed 24.5 cents higher at USD 21.952 per ounce.
SMM expects that transactions in domestic lead spot market will be done in the RMB 16,500-16,650/mt range on Thursday.
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