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[Pb] SMM Morning Review - 2009/9/24 Lead Market
SHANGHAI, Sept. 24 (SMM) – LME lead prices lost previous gains and ended the downward trend at 20-day average line of USD 2,208/mt on Wednesday due to strengthened US dollar and plunged crude oil prices. Total positions reported no significant changes, and LME lead prices are expected to find support at USD 2,230/mt today.
On Wednesday, Dow Jones index closed down 81.32 points, since market investors were concerned that the Fed will likely withdraw the efforts to support economy; in currency market, the US dollar rebounded. COMEX gold closed at USD 1014.4/oz, down USD 1.1/oz, and three-month contract silver prices closed at USD 16.91/oz, up Cents 20.5/oz. NYMEX crude oil futures prices closed at USD 68.97/barrel, down USD 2.79/barrel, since the US crude oil inventories increased unexpectedly last week.
Lead prices are expected to move around RMB 15,500/mt in domestic spot market.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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