SMM Morning Review - 2011/9/22 Lead Market

SHANGHAI, Sept. 21 (SMM)--LME lead prices overnight surged to USD 2,337/mt after opening, and then fell slightly. The US Fed said it will maintain interest rates unchanged and will purchase long-term government bonds while sell short-term government bonds, in line with market speculations. But it did not mention QE3 or other stimulus policies, pushing up the US dollar index. As a result, LME lead prices inched down to USD 2,220/mt, and closed at USD 2,240/mt, down USD 68/mt, or down 2.96%.LME lead prices should fluctuate around the USD 2,200/mt mark today.

The US dollar index edged up to close at 77.79.

Domestic spot lead prices should be between RMB 15,600-15,750/mt.