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[Pb] SMM Morning Review - 2009/10/27 Lead Market
SHANGHAI, Oct. 27 (SMM) -- LME lead prices fell to USD 2,400/mt since the US dollar rebounded from 14-month low, and then moved around USD 2,240/mt, with no marked changes in positions. However, market players were waiting for the upcoming US economic data and central banks’ decision on foreign exchange rates given strong growth in LME zinc prices. LME lead prices are expected to receive mild support to remain unchanged.
The US stocks closed down 104.22 points, since the investors sold off financial and construction stocks; the US dollar soared supported by profit-takings; COMEX gold for December delivery closed at USD 1042.8/oz, down USD 13.6/oz, and silver for December delivery closed at USD 17.095/oz, down Cents 62.8/oz. NYMEX crude oil prices dropped by more than 2%, and crude oil for December delivery closed at USD 78.68/brarrel, down USD 1.82/barrel.
Domestic spot lead prices are expected to remain RMB 15,950/mt today.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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