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[Pb] SMM Morning Review - 2009/8/3 Lead Market
SHANGHAI, Aug. 3 (SMM) -- On Friday, the better-than-expected GDP in 2Q in the US boosted LME lead prices to a new high of USD 1,879.5/mt since September last year, with trading volumes soaring by 20,000 lots and positions up more than 1,000 lots. The soaring LME lead prices generated market concerns, but the upward trend will remain unchanged in early this week.
On Friday, the US stocks closed at rise due to the expectations that the declines in the economy have slowed. The exchange rate of US dollar against other major currencies dropped due to decreasing risk aversion demand. COMEX Gold Trust closed at USD 955.8/oz, up RMB 18.5/oz, due mainly to falling US dollar and position adjustment at the end of this month, and silver prices closed at USD 13.94/oz, up Cents 45.5/oz. NYMEX crude oil futures prices closed at USD 69.45/barrel, soaring by 3%.
Lead prices are expected to move in the RMB 13,550-13,650/mt range in domestic spot market.
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