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[Pb] SMM Morning Review - 2009/9/29 Lead Market
SHANGHAI, Sept. 29 (SMM) -- LME lead prices ended the downward trend and closed at USD 2,200/mt supported by rebounding US stocks and rising crude oil prices. Both trading volumes and positions reported no significant changes on Monday with the absence of major economic data. LME lead prices are expected to remain at USD 2,210/mt before holiday, with limited upward or downward room.
The Dow Jones index ended 3-day downward movement and closed at 124.17 points, since the merger and acquisition in technology and pharmaceutical industries improved market player optimistic sentiment with regard to stock market; in currency market, the US dollar rebounded from 8-month low. COMEX gold closed at USD 994.1/oz, up USD 2.5/oz, and three-month contract silver prices closed at USD 16.195/oz, up Cents 13.5/oz. NYMEX crude oil futures prices increased by more than 1%, and prices for crude oil for November delivery closed at USD 66.84/barrel, up USD 0.82/barrel. .
Lead prices are expected to move in the RMB 15,300-15,400/mt range in domestic spot market.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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