[Pb] SMM Morning Review - 2009/11/10 Lead Market

SHANGHAI, Nov. 10 (SMM) -- LME lead prices failed to break through USD 2,300/mt, as the US dollar still found solid support at 30-day moving average line, although the dollar fell to a 15-month low against a basket of six major currencies. The limited trading volumes indicate a lack of news concerning market fundamentals, and investors switched their attention to the release of China’s international trade data in October on Wednesday.

    In currency market, the euro and other high-yield currencies strengthened, and the euro against US dollar moved around 1.5 supported by a new high recorded by the US stock markets. In precious metal market, COMEX gold futures hit a new high of USD 1,111.7/oz, as the US will maintain low interest rate after the G-20 Summit, and gold futures for December delivery closed at USD 1,101.4/oz, up USD 5.7/oz, while silver futures for December delivery closed at USD 17.48/oz, up Cents 10.5/oz. 

    Domestic spot lead prices are expected to move around RMB 15,550/mt today.

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