SMM Morning Review - 2009/12/14 Lead Market

SHANGHAI, Dec. 14 (SMM) -- The rebounding US dollar last Friday restricted rising room of LME lead prices, with pressure feeling at the USD 2,330/mt mark. Limited changes were reported in both positions and trading volumes. A particular attention should be paid to the upcoming delivery data and the US Federal Reserve’s meeting for interest rate.

In neighboring markets, the US dollar appreciated against six major currencies. Positive economic data made investors believe that the Federal Reserve would tighten cash flow in advance. The Euro dollar dropped as low as 1.46 per dollar, and the US dollar index closed at 76.564. Gold prices on the COMEX hit a four-week low level, with gold futures for February delivery ending USD 6.3 lower at USD 1119.9 per ounce. Silver futures for March delivery dropped by cents 9.8 to USD 17.09 per ounce.

Domestic lead market is expected to trade around RMB 15,700/mt today.

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