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SMM Morning Review - 2010/12/3 Lead Market
SHANGHAI, Dec. 3 (SMM) – The US home sales in October released on Thursday rose by 10.4% from a month earlier, and the euro rebounded. In response, LME lead prices rose after a high opening, finally closing at USD 2,367/mt. The US dollar index met resistance of rebounding, which will lend support to metals markets. In this context, SMM expects LME lead prices may stabilize at USD 2,300/mt, and fluctuate between USD 2,300-2,400/mt in the near future.
In neighboring markets, the US dollar index met resistance of rebounding, and hit a low of 80, finally settling at 80.233. Gold futures for December delivery closed USD 1 higher at USD 1,389.30 per ounce; silver futures for December delivery closed 15.9 cents higher at USD 28.572 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the RMB 17,150-17,250/mt range on Friday.
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