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SMM Morning Review - 2010/12/16 Lead Market
SHANGHAI, Dec. 16 (SMM) – The New York Federal Reserve Bank said on Wednesday its Empire State manufacturing activity index rose to 10.57 in December, up from the expected 5.00. In response, the US dollar index rose above 80, finally settling at 80.191. The stronger US dollar index weighed down base metals markets, and LME lead prices failed to rise, finally closing at the opening level of USD 2,404.3/mt. SMM expects LME lead prices to find support at around USD 2,400/mt in the near future.
In neighboring markets, gold futures for February delivery closed USD 18.10 lower at USD 1,386.20 per ounce; silver futures for March delivery closed 53.5 cents lower at USD 29.253 per ounce.
SMM expects transactions in China’s lead spot markets to be made in the 17,050-17,100/mt range on Thursday.
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