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[Pb] SMM Morning Review - 2009/9/14 Lead Market
SHANGHAI, Sept. 14 (SMM) -- LME lead prices gained limited previous loss bolstered by weakened US dollar last Friday, but market players have been tired of non-fundamental news. LME lead prices are expected to continue to test the support level of USD 2,025/mt today.
On Friday, the US stocks closed down, as falling crude oil prices weighed on stock markets. In currency market, the US dollar index hit one-year low. COMEX Gold closed above USD 1,000/oz, and three-month contracts silver prices closed at USD 16.70/oz, down Cents 3/oz. NYMEX crude oil futures prices closed down, as the data showed the oil product inventories have grown significantly in the US.
Lead prices are expected to continue to inch down, with limited support from RMB 15,500/mt, and producers remained firm with offers.
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