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[Pb] SMM Morning Review - 2009/10/29 Lead Market
SHANGHAI, Oct. 29 (SMM) -- Commodity prices lost previous gains due to weak US economic data, and LME lead prices have fallen for five consecutive days to early October levels. Technically, LME lead prices will meet challenge at USD 2,200/mt, and the downward movement for LME lead prices will be limited. At present, it is over-pessimistic that LME lead prices will fall to USD 2,000/mt.
The US stock markets dropped, and Dow Jones index closed down 119.48 points; the US dollar and the Japanese yen strengthened as the market concerns improved the demand for risk avoidance; precious metal prices have hit 3-week low for three consecutive trading days, and COMEX gold for December delivery closed at USD 1030.5/oz, down USD 4.9/oz, and silver for December delivery closed at USD 16.24/oz, down Cents 30/oz. NYMEX crude oil prices fell by more than 2%, and crude oil for December delivery closed at USD 77.46/brarrel, down USD 2.09/barrel.
Domestic spot lead prices are expected to be around RMB 15,700/mt today.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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