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[Pb] SMM Morning Review - 2009/10/26 Lead Market
SHANGHAI, Oct. 26 (SMM) -- LME lead prices surged but then fell to 5-day average line of USD 2,358/mt tracking LME copper price trends. The US dollar weakness has pushed up base metal prices for nearly one week. Total positions increased slightly, and LME lead prices are expected to fluctuate around USD 2,400/mt in early this week.
The US stocks closed down 109.13 points, since the weak 3Q results of industrial enterprises has offset the positive impact from strong earnings of large-scale technology stocks and retail sales stocks; the US dollar and euro against pound soared last Friday, as the latest economic data from the UK indicated the economy remained in recession. COMEX gold for December delivery closed at USD 1056.4/oz, down USD 2.2/oz, and silver for December delivery closed at USD 17.723/oz, up Cents 17.8/oz. NYMEX crude oil prices closed down on Friday due to market concerns over economic recovery, and crude oil for December delivery closed at USD 80.5/brarrel, down USD 0.69/barrel.
Spot traded prices were firm in the afternoon last Friday on domestic lead market, and lead traded prices are expected to be in the RMB 15,900-16,000/mt range today.
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