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[Pb] SMM Morning Review - 2009/10/15 Lead Market
SHANGHAI, Oct. 15 (SMM) -- LME lead prices tracked yesterday track on Wednesday. The US stocks set a new high for 2009, and the US dollar index hit a new low, which only exerted limited positive impact on LME lead prices. LME lead prices are expected to test USD 2,025/mt with the end of corrections, and 30-day average line will consolidate around USD 2,225/mt during this week.
The US stocks closed at 10015.86 points, and Dow Jones index closed above 10,000 points for the first time in 2009, fueled by strong corporate earnings and positive retail sales; in currency market, the US dollar index dropped to a 14-month low. In precious metal market, COMEX gold prices dropped from previous high, and gold for December delivery closed at USD 1064.7/oz, down USD 0.3/oz, and silver for December delivery closed at USD 17.908/oz, up Cents 2/oz. The US crude oil prices have risen for 5 consecutive trading days, and NYMEX crude oil for November delivery closed at USD 75.18/brarrel, up USD 1.03/barrel.
Lead prices are expected to move in the RMB 15,500-15,600/mt range in domestic spot market.
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