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[Pb] SMM Morning Review - 2009/9/23 Lead Market
SHANGHAI, Sept. 23 (SMM) -- The US dollar index fell to a year-low point before the US Federal Reserve Board on interest rates and the G20 summit are held, and LME lead prices closed at USD 2,300/mt, up nearly 5%. Trading volumes failed to increase, but an upward trend appeared in the market, and LME lead prices are expected to test USD 2,300/mt.
On Tuesday, Dow Jones index closed up 51.01 points, since market investors predict the Fed will further maintain a loose monetary policy in order to promote the economic recovery and to boost stocks of finance, science and technology, industry, and other economic growth sensitive sectors; in currency market, the US dollar index dropped, as the market optimistic sentiment with regard to economic recovery dampened the demand for US dollar risk avoidance. COMEX gold closed at USD 1,015.5/oz, up USD 10.6/oz, and three-month contract silver prices closed at USD 17.115/oz, up Cents 23.5/oz. NYMEX crude oil futures prices closed at USD 71.76/barrel.
Lead prices are expected to move in the RMB 15,600-15,700/mt range in domestic spot market.
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