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[Pb] SMM Morning Review - 2009/10/13 Lead Market
SHANGHAI, Oct. 13 (SMM) -- LME lead prices failed to stabilize at USD 2,300/mt on Monday, and investors on LME seminar were cautious about LME copper price outlook, and paid special attentions to the upcoming latest China’s international trade data on Wednesday. Technically, LME lead prices will likely test USD 2,300/mt again given the weakened US dollar. However, struggles intensified when the US dollar index dropped to 76, so more clear market direction will be needed.
The US stocks closed up for six consecutive trading days, setting a record high for 2009, due mainly to rising energy stock prices; the US dollar dropped. In precious metal market, COMEX gold prices hit USD 1,060/mt, and COMEX gold for December delivery closed at USD 1,057.5/oz, up USD 8.9/oz. The US crude oil prices closed at seven-week high, and have risen for three consecutive trading days, and NYMEX crude oil for November delivery closed at USD 73.27/brarrel, up USD 1.5/barrel.
Lead prices are expected to move around RMB 15,600/mt in domestic spot market.
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