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[Pb] SMM Morning Review - 2009/10/23 Lead Market
SHANGHAI, Oct. 23 (SMM) -- LME lead prices fell to USD 2,380/mt with the end of drops in the US dollar, and positions made an end of downward momentum. Market players remained quiet about the declines in China's lead output in September. At present, LME lead prices still depend on the US dollar trends, and are expected to climb to above USD 2,400/mt today.
The US stocks closed up 131.95 points fueled by strong business earnings in many sectors; the US dollar against a basket of currencies ended the downward trend; COMEX gold for December delivery closed at USD 1058.6/oz, down USD 5.9/oz, and silver for December delivery closed at USD 17.545/oz, down Cents 28/oz. NYMEX crude oil prices closed down on Thursday due to profit-takings, and crude oil for December delivery closed at USD 81.19/brarrel, down USD 0.18/barrel.
Lead prices are expected to move in the RMB 15,800-15,900/mt range in domestic spot market.
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