SHANGHAI, August 2 (SMM) – According to the Institute for Supply Management (ISM), the US Chicago PMI index was 62.3 in July, higher than June levels of 59.1. Analysts were expecting a drop to 56.0. The better-than-expected data drove up base metal prices. LME lead prices rallied 1.5% to close at USD 2,070/mt.
In the short term, SMM believes LME lead prices will remain strong, and point to USD 2,100/mt. Supported by rising LME lead prices, domestic lead prices will break through the RMB 16,000/mt mark on Monday.
To contact the writer on this report: email@example.com
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: firstname.lastname@example.org