SMM Morning Review - 2011/9/8 Lead Market

Sep 8, 2011 09:36

LME lead prices overnight edged up after opening but met resistance at USD 2,430/mt, finding support at the USD 2,400/mt level.

SHANGHAI, Sept. 8 (SMM)--LME lead prices overnight edged up after opening but met resistance at USD 2,430/mt, finding support at the USD 2,400/mt level. Due to the rumors that US President Obama will announce the stimulus plan of USD 300 billion adding jobs on Thursday and as Italian Congress passed the austerity plan worth EUR 54 billion, stocks rebounded, boosting LME lead prices to leap further, but failed to break through USD 2,430/mt, finally closing at USD 2,420/mt. The market should be cautious ahead of the release of new economic data Thursday.

The US dollar index inched down and closed at 75.46.

Domestic spot lead prices should be between RMB 16,200-16,300/mt.

LME lead prices

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SMM Morning Review - 2011/9/8 Lead Market

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