SMM Morning Review - 2009/12/23 Lead Market

SHANGHAI, Dec. 23 (SMM) -- LME lead market should hardly show strong performance before the Christmas holiday, even if no less-than-expected economic data from the US is available. LME lead prices moved lower to test the 60-day moving average, and the fluctuation of USD 30/mt around USD 2,300/mt is expected to continue.

In neighboring markets, the US dollar continued to rally against most currencies, as buying interest was stimulated by investor optimistic view towards the US economy. The US dollar was 78.264. Gold prices on the COMEX hit the lowest level since November 3rd, and gold futures for February delivery closed down USD 9.3 at USD 1,086.7 per ounce. Silver futures for March delivery ended at USD 17.03 per ounce, down cents 0.5.

Domestic lead market is believed to trade around RMB 15,450/mt on Wednesday.

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