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[Pb] SMM Morning Review - 2009/9/16 Lead Market
SHANGHAI, Sept. 16 (SMM) -- LME lead prices continued to grow above USD 2,200/mt on Tuesday, but felt greater downward pressure at USD 2,200/mt. Total positions increased to more than 80,000 lots, and any upward movement for lead prices will be limited from lack of market confidence.
On Tuesday, the US stocks markets jumped to a new high for 2009, as the better-than-expected manufacturing index and retail sales helped stimulate the commodity prices and materials stocks. In currency market, the exchange rate of Euro against US dollar moved up, setting a new 9-month high for six consecutive trading days. COMEX gold closed at USD 1006.3/oz, and three-month contract silver prices closed at USD 17/oz, up Cents 37.7/oz. NYMEX crude oil futures prices closed at USD 70.93/barrel, up more than USD 2/barrel, fueled by economic optimism.
Transactions will face difficulties at RMB 15,500/mt due to negative impact from inflow of low-priced goods in domestic spot market.
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