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[Pb] SMM Morning Review - 2009/8/12 Lead Market
SHANGHAI, Aug. 12 (SMM) -- On Tuesday, LME lead prices fell by nearly 3%, and closed at USD 1,800/mt due to emergence of sell-off activities. Total positions decreased by more than 1,000 lots, as the worse-than-expected wholesale inventories from the US exerted negative impact on commodity markets. Tonight, the US Federal Reserve will discuss interest rates, which will determine lead price trend during this week.
Stock markets dropped on Tuesday as market insiders warn that the banking industry fundamentals reported no improvement. COMEX Gold Trust closed at USD 947.6/oz, up USD 0.7/oz, and silver prices closed at USD 14.345/oz, down Cents 1/oz. NYMEX crude oil futures prices closed at USD 69.45/barrel, down USD 1.15/barrel due to negative economic data.
Lead prices are expected to move in the RMB 13,500-13,600/mt range in domestic spot market.
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