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[Pb] CBI Morning Review - 2009/7/17 Lead Market
SHANGHAI, July 17 (CBI China) -- LME lead price lost previous gains and fell to USD 1,600/mt after strong rise on Wednesday. Both trading volumes and positions showed weak performance, and discounts of spot-month contract to three-month contract fell to 23 again. The 675mt increase in the inventories was mainly from Detroit.
The US stock has risen for 4 straight trading days, and positive corporate earnings released by JP Morgan generated the market optimistic sentiment over quarterly report. However, the US manufacturing index in July was negative 7.5, separating the US dollar from the lowest point of 79.13 since June 4th. NYMEX crude oil futures prices fluctuated due to mixed economic data. COMEX gold price closed lower after moved narrowly, and investors were searching for other positive news except commodity market. Silver price rose by Cents 2.7/oz to USD 13.235/oz.
Lead prices are expected to move in the RMB 13,100-13,200/mt range in domestic spot market.
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