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[Pb] SMM Morning Review - 2009/7/30 Lead Market
SHANGHAI, July 30 (SMM) -- On Wednesday, LME lead prices fell much slower despite of plunged prices of other base metals, and any impact from weak US durable goods orders and slumped Asian stock markets on lead prices was very limited. LME lead prices received solid support at USD 1,750/mt, though lead inventories have exceeded 100kt and a series of negative news emerged in the market.
The US stocks fell by 26 points due to the rumor that China will tighten the credit, while the unexpected weak durable goods orders in the US strengthened the risk aversion demand for US dollar. COMEX Gold Trust closed at USD 927.2/oz, and silver prices fell by Cents 48.2/oz to USD 13.258/oz. NYMEX crude oil futures prices closed at USD 63.35/barrel, down 5%, dampened by increased inventories.
Lead prices are expected to move in the RMB 13,300-13,400/mt range in domestic spot market.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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