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[Pb] SMM Morning Review - 2009/11/5 Lead Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 5 (SMM) -- LME lead prices soared to USD 2,350/mt as the Fed maintained the federal funds rate at low levels, and received strong support at USD 2,240/mt, with technical indicators still in upward track in the short term. However, the onset of the seasonal low demand period for China’s electric bike exerted negative impact on lead prices.
The Fed maintained interest rate unchanged, with no signs to raise interest rate rapidly, and the US dollar index fell from 76.32 to 75.717 as a result. COMEX gold prices set a new high again to approach to USD 1,100/oz, and gold for December delivery closed at USD 1087.3/oz, up USD 2.4/oz, and silver for December delivery closed at USD 17.405/oz, up Cents 22.5/oz.
Domestic spot lead prices are expected to move around RMB 15,700/mt today.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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