SMM Morning Review - 2010/1/27 Lead Market

SHANGHAI, Jan. 27 (SMM) -- On January 27th, LME lead prices closed down USD 15/mt to USD 2,200/mt. Liquidity tightening in China helped the US dollar strengthen, and the US dollar index climbed 0.22 to 78.44, weighing on the industrial metals. The US stock market ended slightly lower on January 26th, and the Dow Jones index finished the trading day at 10,194.29, down 2.57 or 0.03%. Nasdaq composite index closed down 7.07, and S&P 500 index ended 4.61 lower. LME lead inventories continued to grow, with stocks up 350 mt to 154,050 mt on January 26th, and the inventories increased for 28 consecutive trading days since December 15th.

SMM takes a pessimistic view over LME lead prices, with levels estimated in the USD 2,100-2,230/mt range.

To contact the writer on this report: Sherryshi@smm.cn

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