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SMM Morning Review - 2010/12/9 Lead Market
SHANGHAI, Dec. 9 (SMM) – ETF Securities will offer Exchange Traded Products (ETP) supported by physical base metals on Friday, so investors are expected to increase purchases for base metals, leading to improved demand outlook. In this context, base metals markets closed with gains on Wednesday, despite the rising US dollar index which settled at 80.067 finally. LME lead prices rose by USD 27.5/mt to USD 2,415/mt in response. SMM expects LME lead prices may fluctuate around USD 2,400/mt in the near future.
In neighboring markets, gold futures for February delivery closed USD 25.80 lower at USD 1,383.20 per ounce; silver futures for March delivery closed USD 1.525 lower at USD 28.252 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the RMB 17,150-17,250/mt range on Thursday.
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