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SMM Morning Review - 2010/12/8 Lead Market
SHANGHAI, Dec. 8 (SMM) – On Tuesday, LME lead prices rose by USD 51.5/mt to USD 2,387.5/mt, despite the euro lost previous gains against the US dollar. At present, LME lead prices are around the 30-day moving average. SMM expects LME lead prices to fluctuate below USD 2,400/mt in the near future.
In neighboring markets, the US dollar index rose at the tail of trading to settle at 79.931, due to weaker optimism toward the US tax cut extension. Gold futures for February delivery closed USD 7.10 lower at USD 1,409 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the RMB 17,200-17,300/mt range on Wednesday.
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