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[Pb] SMM Morning Review - 2009/7/31 Lead Market
SHANGHAI, July 31 (SMM) -- On Thursday, LME lead prices stabilized above USD 1,800/mt in view of softened US dollar and positive stock markets. In addition, market prices climbed to USD 1,760/mt, ignoring inventory pressure. Special attentions should focus on GDP in the US which will be released tonight.
The US stocks soared upon positive companies earnings and falling continued claims for unemployment benefits in the US on Thursday. The exchange rate of US dollar against major currencies dropped, as China’s Central Bank reaffirmed to maintain the loose monetary policy. COMEX Gold Trust closed at USD 934.9/oz, up RMB 7.7/oz, due mainly to improved risk awareness of investors, and silver prices closed at USD 13.485/oz, up Cents 22.7/oz. NYMEX crude oil futures prices closed at USD 66.94/barrel, soaring by nearly 6%.
Lead prices are expected to move in the RMB 13,400-13,450/mt range in domestic spot market.
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