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[Pb] SMM Morning Review - 2009/8/21 Lead Market
SHANGHAI, Aug. 21 (SMM) -- On Thursday, LME lead prices were ranging from 30-day average line and 10-day average line given improving Asia-Pacific stock markets and weak employment data from the US. On Friday night, the US will release existing home sales in July, which will have limited impact on lead market. Henan Yuguang Gold & Lead Group released optimistic forecast and the development of project expansion, but the downstream consumption remained weak.
On Thursday, the US stocks reported neutral performance, and Dow Jones index increased by 13.35 points to 9,292.69. In currency market, exchange rate fluctuated widely, with weak transactions. The exchange rate of EUR against USD and JPR climbed. Investors tried to evaluate economic prospect, and transactions were sluggish in precious metals markets, COMEX Gold closed at USD 941.7/oz, down USD 3.1/oz, and silver prices closed at USD 13.909/oz, down Cents 8.6/oz. NYMEX crude oil futures prices closed at USD 72.54/barrel.
Lead prices are expected to move in the RMB 13,500-13,550/mt range in domestic spot market.
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