SHANGHAI, Jun. 3 (SMM) – LME lead prices opened at USD 2,170/mt last Friday and moved narrowly around the opening price during Asian trading hours. Later, the US economic data were reported mixed. The US April personal income showing no increase and personal consumption down 0.2%, both missing forecasts, but the Chicago PMI rose sharply from 49 to 58.7 in May to its highest since March 2012 and the University of Michigan Consumer Confidence Index for May was revised upward to 84.5, the highest level since July 2007. In Germany, April’s retail sales increased 1.8%, above market expectation. In response, LME lead prices rose in European trading hours to close at USD 2,198/mt, up USD 34/mt or 1.57%. Traded volumes increased 2,142 lots to 10,163 lots, while positions declined 184 lots. LME lead inventories fell 1,579 mt to 120,940 mt.
The US dollar index hovered around 83 and finally ended at 83.27. COMEX silver for July delivery fell to end at USD 22.24/oz, down USD 0.457/oz or 2.01%.
On Monday, SHFE 1307 lead contract price is expected to move between RMB 14,000-14,100/mt, and spot lead prices should be RMB 13,850-13,950/mt. Consumption in China’s spot lead markets is expected to improve this week given the upcoming Chinese Dragon Boat Festival and stabilizing lead prices.