SHANGHAI, July 27 (SMM) – LME base metals market extended its gains on Monday following better-than-expected housing data from the US. LME lead prices reached as high as USD 2,015/mt, and finally closed nearly at a session high. SMM believes that buying activity starting from the weekend will help LME lead prices climb higher.

In neighboring markets, the euro advanced against the US dollar, briefly hitting above 1.30, and the US dollar index ended at 82.083 after dropping below 82 during the session. Gold futures for August delivery finished down USD 4.70 to end at USD 1,183.10 per ounce. Silver futures for September delivery closed 9.90 cents higher at USD 18.200 per ounce.

Domestic lead market is expected to trade in the RMB 15,500-15,650/mt range on Tuesday.

To contact the writer on this report: xiaqing@smm.cn 

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