[Pb] SMM Morning Review - 2009/10/12 Lead Market

SHANGHAI, Oct. 12 (SMM) -- LME lead prices remained around USD 2,250/mt, and the trading sentiment became more cautious given the LME annual meeting in early this week and the upcoming 3Q profit reports of major banks in the US, and the US Federal Reserve Board (Fed) Chairman Ben Bernanke said that the Fed would immediately raise interest rates in order to prevent inflation once the economy recovers, which failed to boost US dollar increasingly, so LME lead prices will continue to move in the USD 2,150-2,250/mt range.

    The US stocks closed up for five consecutive trading days, as investors were optimistic about the upcoming fiscal reports next week; the US dollar rebounded upon the positive signals for US economy. In precious metal market, COMEX gold for December delivery closed at USD 1,048.6/oz, down USD 7.7/oz, as investors have taken profits before the weekend. The US crude oil futures prices increased on Friday driven up by improving demand for petroleum, and NYMEX crude oil for November delivery closed at USD 71,77/brarrel, up USD 0.08/barrel.  

    Lead prices are expected to move around RMB 15,650/mt in domestic spot market.

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