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[Pb] SMM Morning Review - 2009/10/16 Lead Market
SHANGHAI, Oct. 16 (SMM) -- LME lead prices fluctuated on Thursday. LME lead prices regained previous loss and stabilized at 30-day average line of USD 2,220/mt supported by dropped US dollar. LME lead prices will continue to fluctuate in the USD 2,120-2,300/mt range in the short term.
The US stocks closed at 10062.94 points, and the rising energy stocks offset the downward movement of financial stocks; in currency market, the US dollar grew. In precious metal market, COMEX gold prices closed down, and gold for December delivery closed at USD 1050.6/oz, down USD 14.1/oz, and silver for December delivery closed at USD 17.415/oz, down Cents 49.3/oz. The US crude oil inventories declined, and NYMEX crude oil for November delivery closed at USD 77.58/brarrel, up USD 2.4/barrel.
Lead prices are expected to move in the RMB 15,600-15,700/mt range in domestic spot market.
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