SHFE Lead Sets for Gains (2016-9-1)

SHANGHAI, Sept.1 (SMM) – Attention should be on US and China’s manufacturing PMI in August, which are expected to drop. And this will damp base metals.

LME lead is expected to range between USD 1,885-1,905/mt on Thursday. SHFE 1610 lead opened higher and advanced to RMB 14,000/mt on Wednesday. And the contract should move at RMB 13,850-14,050/mt today. Traders are active in offering goods in China’s domestic market. But downstream battery producers cut purchase significantly due to the upcoming G20 Summit in Hangzhou. Spot lead prices are expected to rise by RMB 25/mt to RMB 13,850-14,000/mt with rising SHFE 1610 lead.