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[Pb] SMM Morning Review - 2009/9/18 Lead Market
SHANGHAI, Sept. 18 (SMM) -- LME lead prices fell back to USD 2,253/mt on Thursday. LME lead prices have risen to USD 2,350/mt boosted by positive US housing data, but then dropped given shortages of upward momentum, with trading volumes down slightly. LME lead prices will test 5-day moving average line of USD 2,180/mt on Friday.
The US stocks closed down due to market concerns, although a portion of positive economic data were released; in currency market, Euro remained unchanged. COMEX gold fell by USD 6.7/oz due to profit-takings, and three-month contract silver prices closed at USD 17.265/oz, up Cents 16.5/oz. NYMEX crude oil futures prices dropped by USD 0.04/barrel due to market demand concerns.
Spot lead prices are expected to move around RMB 15,900/mt in domestic market.
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