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[Pb] SMM Morning Review - 2009/9/22 Lead Market
SHANGHAI, Sept. 22 (SMM) -- LME lead prices stabilized at USD 2,180/mt on Monday supported by softened US dollar, and total positions remained at 80,000 lots. Technically, LME lead prices are expected to move up to the range of USD 2,100-2,310/mt in the short term.
On Monday, Dow Jones index closed down 41.34 points negatively affected by falling energy stock prices. In currency market, the US dollar index strengthened, since investors reduced the short positions of US dollar before the US Fed monetary policy meeting. COMEX gold dropped below USD 1,000/oz due to sell-off activities in the market, and three-month contract silver prices closed at USD 16.88/oz, down Cents 18.5/oz. NYMEX crude oil futures prices closed at USD 69.71/barrel, down USD 2.33/barrel.
Lead traded prices are expected to move around RMB 15,500 in domestic spot market.
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