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[Pb] SMM Morning Review - 2009/11/19 Lead Market
Dec 7, 2009 13:16SHANGHAI, Nov. 19 (SMM) -- On Wednesday, LME lead prices weakened to end above USD 2,350/mt, depressed by short covering and unfavorable house starts from the US. Total positions fell by 4,000 lots. The level of USD 2,430/mt remained as a resistance level, but fluctuating range climbed to USD 2,300-2,450/mt.
On Wednesday, the euro appreciated against the US dollar, but a weaker US stock markets depressed gains of the euro. As a result, the US dollar index closed at 75.079. Gold futures on the COMEX broke through 1,150 dollar yesterday, continuing to attract buying interest in the precious metal. Gold futures for December delivery closed 1.8 dollar higher at 1,141.2 dollar. Silver futures for December delivery finished 2.8 cents up at 18.415 dollars.
SMM predicts domestic lead prices will be in the RMB 15,650-15,750/mt range today.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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