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[Pb] CBI Morning Review - 2009/7/21 Lead Market
SHANGHAI, July 21 (CBI China) -- On Monday, LME lead price grew to a new high of USD 1,735/mt during recent weeks propelled by weakened US dollar, but then lost some previous gains at closing. The total positions declined by 355 lots. The market risk aversion arose, the economic data were mixed, and transactions were weak during seasonal low demand period in 3Q, which caused LME lead price to fluctuate above USD 1,600/mt.
This weak will be an intensive period for the release of quarterly reports, and market players were concerned that the US Federal Reserve Chairman will testify in Congress on Tuesday and Wednesday, so increased US stocks on Monday was just the reflection of last week’s performance.
COMEX gold price climbed above USD 950/oz, and Silver price rose by Cents 22.2/oz to USD 13.625/oz, positively affected by the weakened US dollar. NYMEX crude oil futures prices continued to advance.
Lead prices are expected to move around RMB 13,300/mt in domestic spot market.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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