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[Pb] SMM Morning Review - 2009/8/6 Lead Market
SHANGHAI, Aug. 6 (SMM) -- On Wednesday, LME nickel prices led base metal prices to remain high, as the Brazilian mine operators experienced force majeure. Economic optimism drove up LME lead prices to a record high of USD 1,970/mt, and total positions decreased by more than 1,000 lots again. LME lead prices will likely meet corrections during second half of this week, but any downward room will be limited, and LME lead prices should find support around USD 1,870/mt, as investors put large amount of speculative funds into metal markets with the hope of global economic growth and strong demand recovery.
The US stocks ended 4-day rise on Wednesday, and closed at 39.22 points. COMEX Gold Trust closed at USD 966.3/oz. down USD 3.4/oz, with support from risk aversion, and silver prices closed at USD 14.76/oz, up Cents 6.5/oz. NYMEX crude oil futures prices closed at USD 71.97/barrel.
Lead prices are expected to move in the RMB 13,900-14,000/mt range in domestic spot market.
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