SHANGHAI, Feb. 1 (SMM) – On Monday, the US consumption expenditures for December were better than expected, and gained for sixth straight month, and meanwhile the Chicago PMI data rose to a 22 1/2-year high. With favorable economic data, investors shifted attention from Egyptian unstable political situations to stable demand in China and the US. Stimulated by optimistic outlook towards consumption in China and US, base metal prices rallied across the board. LME lead prices closed up USD 60/mt at USD 2,505/mt, returning the USD 2,500/mt mark after previous corrections. At present, positive trends are available technically. LME lead prices are expected to advance during the Chinese New Year holiday period.
In neighboring markets, the US dollar index ended slightly lower at 77.744. The settlement price for February delivery gold futures finished up USD 22.30 at USD 1,340.70 per ounce, and silver futures prices for March delivery finished 88.8 cents higher at USD 27.919 per ounce.
Trading sentiment in the domestic lead market will remain low on Tuesday with the arrival of the Chinese New Year holiday. Transactions in the domestic lead market are expected to be made at around RMB 17,000/mt.
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