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[Pb] SMM Morning Review - 2009/8/10 Lead Market
SHANGHAI, Aug. 10 (SMM) -- On Friday, LME lead prices moved up to USD 1,900/mt again propelled by positive employment data from the US. Technically, LME lead prices gained strong support at USD 1,820/mt, and the upward movement in lead prices continued.
The latest economic data drove up the stock markets, but failed to improve investors’ sentiment, so S&P increased to 10-month high on Friday. In the mean time, the US dollar gained the largest daily growth rate over past two months. COMEX Gold Trust fluctuated lower, and the market has absorbed the news that the Central Bank from all European countries reached a new gold agreement to reduce the upper limit for gold-for-sale. Silver prices closed at USD 14.668/oz, up Cents 2.3/oz. NYMEX crude oil futures prices closed at USD 70.93/barrel, down USD 1.01/barrel on Friday due to rebounded US dollar.
Lead prices are expected to move in the RMB 13,800-13,900/mt range in domestic spot market.
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