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[Pb] SMM Morning Review - 2009/8/14 Lead Market
SHANGHAI, Aug. 14 (SMM) -- The softened US dollar, positive economic data in euro zone and active remarks of the Fed helped drive up LME nickel and copper prices to new year-highs. LME lead prices stabilized above USD 1,900/mt, and should not be able to break through the previous high level of USD 1,970/mt on Friday.
On Thursday, the US stocks climbed slightly, as the positive impact from better-than-expected Wal-Mart earnings offset the impact from negative retail sales and employment data released by the US government. The exchange rate of EUR against USD has risen for two consecutive trading days due to unexpected growth of 2Q GDP in euro zone. COMEX Gold Trust closed at USD 956.5/oz, up USD 4/oz, and silver prices closed at USD 14.987/oz, up Cents 40.2/oz. NYMEX crude oil futures prices closed at USD 70.52/barrel.
Lead prices are expected to move in the RMB 13,600-13,700/mt range in domestic spot market.
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