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[Pb] SMM Morning Review - 2009/8/24 Lead Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Aug. 24 (SMM) -- On Friday, LME lead prices picked up to USD 1,870/mt boosted by softened US dollar and better-than-expected US existing home sales, and LME lead prices are expected to test USD 1,900/mt today. In addition, the environmental protection inspection in lead producing provinces triggered by lead poisoning in Fengxiang County will still have negative impact on lead market.
On Friday, Federal Reserve Chairman Ben Bernanke's optimistic remarks helped to comfort market sentiment, and Dow Jones index closed at 9,505.96, up 155.91 points. In currency market, transactions were weak in precious metal market, and USD and JPR indexes dropped due to low demand for risk aversion. COMEX Gold closed at USD 954.7/oz, up 1%, and silver prices closed at USD 14.164/oz, up Cents 28.4/oz. NYMEX crude oil futures prices closed at USD 73.89/barrel, a 10-month high.
Lead prices are expected to move in the RMB 13,700-13,750/mt range in domestic spot market.
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