SHANGHAI, Aug. 1 (SMM) –SHFE 1609 lead will remain at highs of RMB 13,750-13,950/mt on Aug. 1.
Markets expect US July ISM manufacturing PMI to be negative and this will weigh on US dollar.
LME lead will range between USD 1,810-1,830/mt during Asian trading hours Monday. In China’s spot market, cargo holders are still bullish and hold back sales. Downstream buyers favor term purchase and will watch from the sidelines. Trading will stay dull. Spot lead will edge up to RMB 13,450-13,550/mt today.
Key Macroeconomic Indicators for Base Metal Prices (2016-8-1)