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[Pb] SMM Morning Review - 2009/8/28 Lead Market
SHANGHAI, Aug. 28 (SMM) -- On Thursday, LME lead prices closed at USD 2,035/mt, down slightly compared to previous trading day, but total positions increased to 80,000 lots. Special attention focused on the development of China’s environmental protection inspection at lead smelters. Technically, LME lead prices will remain above RMB 2,000/mt, even if LME lead inventories increase to more than 120,000mt.
Dow Jones index closed at 9580.63, up 37.11 points. In currency market, the US dollar weakened due to rebounding US stocks and crude oil prices. COMEX Gold closed at USD 947.3/oz, up USD 1.5/oz, given the recovery of economic confidence, and silver prices closed at USD 14.251/oz, down Cents 3.7/oz. NYMEX crude oil futures prices closed at USD 72.49/barrel, up USD 1.06/barrel.
Lead prices are expected to move in the RMB 14,850-14,950/mt range in domestic spot market.
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