SHANGHAI, Dec. 2 (SMM) – The US manufacturing index released on Wednesday was 56.6 in November, which was the 16th month expansion. The official Purchasing Managers Index (PMI) and HSBC’s China PMI in November hit a new high for several months. The strong manufacturing indexes in China and the US, coupled with the strengthened euro from the eased European debt issue, boosted LME base metals prices to rise on Wednesday. In this context, the LME lead market rose after a higher opening, finally closing at USD 2,302.5/mt. SMM expects LME lead prices to fluctuate between USD 2,200-2,320/mt in the near future.
In neighboring markets, the US dollar index slipped after four consecutive days of gains, and fell back below 81 to settle at 80.777. Gold futures for December delivery closed USD 2.2 higher at USD 1,388.30 per ounce; silver futures for December delivery closed 20.1 cents higher at USD 28.413 per ounce.
SMM expects transactions in China’s lead spot markets to be made in RMB 17,050-17,150/mt range on Thursday.
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