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[Pb] SMM Morning Review - 2009/10/19 Lead Market
SHANGHAI, Oct. 19 (SMM) -- LME lead prices closed down slightly to USD 2,200/mt last Friday due to strengthened US dollar and softened US stocks. Technically, LME lead prices will continue to fluctuate in the USD 2,120-2,300/mt range. Particular attention should be paid to the upcoming economic data in China and the US during this week.
The US stocks closed down negatively affected by the disappointing quarterly results of General Electric (GE) and US banks; the US dollar rebounded due to a drop in US consumer confidence index; in precious metal market, COMEX gold for December delivery closed at USD 1051.5/oz, up USD 0.9/oz, and the silver for December delivery closed at USD 17.42/oz, up Cents 0.5/oz. The US crude oil futures prices increased on Friday, and NYMEX crude oil for November delivery closed at USD 78.53/brarrel, up USD 0.95/barrel.
Lead prices are expected to move in the RMB 15,550-15,650/mt range in domestic spot market.
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