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[Pb] SMM Morning Review - 2009/10/14 Lead Market
SHANGHAI, Oct. 14 (SMM) -- Although the weakened US dollar drove up prices for crude oil and precious metals on Tuesday, base metal prices followed the downward trend of LME copper prices, and LME seminar participants believe China will consume previous lead inventories in 4Q. In this context, LME lead prices fell to USD 2,180/mt, with no significant changes in positions. LME lead prices are expected to consolidate around USD 2,170/mt today.
The US stocks closed down on Tuesday, as Johnson & Johnson’s disappointing sales data triggered market concerns over its earnings. Dow Jones index closed down 14.74 points. In currency market, the US dollar index dropped to a 14-month low. In precious metal market, COMEX gold prices set a record high for 2009 again, and gold for December delivery closed at USD 1,065/oz, up USD 7.5/oz, and silver for December delivery closed at USD 17.84/oz, up Cents 2/oz. The US crude oil prices closed above USD 74/barrel driven up by OPEC forecasts, and NYMEX crude oil for November delivery closed at USD 74.15/brarrel, up USD 0.88/barrel.
Lead prices are expected to move in the RMB 15,500-15,600/mt range in domestic spot market.
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