SHANGHAI, July 13 (SMM) – LME base metals market ended lower due to a fall in China’s copper imports in June. LME lead prices closed with a loss of USD 45/mt, and failed to hold at USD 1,800/mt. SMM believes LME lead market will fluctuate at USD 1,800/mt in the near future.
In neighboring markets, worries on debt issues in the Europe were revived as S&P maintained its negative outlook on Britain’s credit ratings. On Monday, the euro dropped against the US dollar, and the US dollar index closed at 84.186. Gold futures for August delivery finished down USD 11.10 to end at USD 1,198.70 per ounce. Silver futures for September delivery ended 15.60 cents lower at USD 17.9170 per ounce.
SMM expects domestic lead market to trade in the RMB 14,700-14,800/mt range on Tuesday.
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