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[Pb] SMM Morning Review - 2009/7/28 Lead Market
SHANGHAI, July 28 (SMM) -- On Monday, LME lead prices opened high but faded, and received resistance at USD 1,800/mt. The total positions fell slightly. Lead prices are expected to fluctuate slightly in the high level due to current positive macro economic data. Particular attentions should be focused on upcoming consumer confidence index from the US tonight.
The new home sales during June showed strong performance in the US, indicating the property markets have bottomed out. The optimistic sentiment dominated the market on Tuesday, and the US stocks closed higher, while the US dollar fell to seven-week low. COMEX Gold Trust hit six-week high and closed at USD 953.5/oz, and silver prices rose by Cents 11.5/oz to USD 13.99/oz. NYMEX crude oil futures prices closed at USD 68.38/barrel, up USD 0.33/barrel.
Lead prices are expected to move in the RMB 13,450-13,550/mt range in domestic spot market, and downstream purchasing interest will remain low.
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