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SMM Morning Review - 2010/12/15 Lead Market
SHANGHAI, Dec. 15 (SMM) – On Tuesday, the US dollar index rose to finally settle at 79.525 at the tail of trading, given higher yields of the US government loans and improved confidence in the US economy due to high-than-expected US retails sales in November. In response, LME lead prices fell slightly from Monday’s highest level, but still closed USD 17.5/mt higher at USD 2,450/mt on Tuesday. The US dollar index of around 79-80 may lend support to base metals prices, thus SMM expects LME lead prices are possible on an upward track after stabilizing at USD 2,400/mt in the near future.
In neighboring markets, gold futures for February delivery closed USD 6.30 higher at USD 1,404.30 per ounce; silver futures for March delivery closed USD 0.164 higher at USD 29.788 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the 17,150-17,250/mt range on Wednesday.
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