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[Pb] SMM Morning Review - 2009/9/17 Lead Market
SHANGHAI, Sept. 17 (SMM) -- LME lead prices soared by 5% to USD 2,300/mt on Wednesday, as the strong industrial production in the US improved the market expectations. LME lead prices are expected to test the support level of USD 2,310/mt amid optimistic market sentiment.
The US stocks have risen for three consecutive days, setting a new high for 2009, since the economic data indicated the global economic recovery is better than expected. In currency market, the US dollar index continued to edge down, hitting a 12-month low. COMEX gold closed at USD 1020.2/oz, hitting a new high since July 2008, and three-month contract silver prices closed at USD 17.43/oz, up USD 0.43/oz. NYMEX crude oil futures prices closed up to USD 72/barrel, an indication the US crude oil inventories experienced declines.
The optimistic sentiment is expected to appear in domestic market when lead prices move above RMB 15,500/mt.
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