SHANGHAI, May 26(SMM) – LME market was suspended on Monday.
SHFE 1507 lead contract prices followed other metals to climb to RMB 13,385/mt Monday night. The contract finally ended up RMB 140/mt at RMB 13,375/mt. But trades were muted. LME market opens Tuesday and rebounded modestly on strong US dollar.
Many markets were suspended yesterday. China’s growth stabilizing measures focused market’s attention. The State Council of China issued 11 important documents in only 20 days and other major ministries also employed relative polices. Besides, National Development & Reform Commission announced 1,043 projects with total investment of RMB 1.97 trillion. These projects covered many fields including water conservancy facilities, municipal facilities, transport facilities and so on, sending Shanghai index above 4800, a 7-year high.
Risk of Greece’s exiting euro zone grew with the upcoming deadline for it to pay its creditors debts.
US dollar index climbed while US crude oil and gold pieces hovered.
LME should hover between USD 1,940-1,960/mt. SHFE 1507 lead will move between RMB 13,300-13,400/mt and spot lead RMB 13,650-13,750/mt.