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SMM Morning Review - 2010/1/29 Lead Market
SHANGHAI, Jan. 29 (SMM) -- On January 28th, LME lead prices ended USD 29/mt lower to USD 2,065/mt. Base metal markets suffered pressure from concerns over debt in Europe and credit rating, the US proposal of banking regulation, as well as China’s tightening credit. The US stock market hit a new low for 2010 on January 28th, and Dow Jones index fell 115.70, and S&P 500 index lost 12.97, and the Nasdaq composite index slid 42.41. The falling US stock market triggered market concerns of economic recovery, weighing on the commodity market. In this context, LME lead markets weakened. LME lead inventories continued to grow, with stocks up 350 mt on January 28th to 156,125 mt.
LME lead price is expected to be low, ranging from USD 1,980-2,100/mt.
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