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: xiaqing@smm.cn 

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