SHANGHAI, Dec. 1 (SMM) – The US consumer confidence index released on Tuesday rose to a five-month high in November, and the Chicago Purchasing Managers Index in November reached 62.5, higher than expected 60. Although the US dollar index rose continuously to hit 81.444 before settling at 81.268, LME base metals markets largely closed with gains on Tuesday, boosted by positive economic data from the US. In this context, LME lead prices rose by USD 45/mt to USD 2,235/mt. SMM expects the stronger US dollar index may weigh down on metals markets, after markets absorb the positive US economic data.
In neighboring markets, gold futures for December delivery closed USD 18.6 higher at USD 1,386.10 per ounce; silver futures for December delivery closed 1.019 cents higher at USD 28.212 per ounce.
SMM expects transactions in China’s lead spot markets to be made in RMB 17,000-17,100/mt range on Wednesday.
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