SHANGHAI, Jul. 27 (SMM) – During last Friday evening session, LME lead started at USD 1,731.5/mt. China’s PMI issued Monday morning hit a 15-year low and growth in China’s total power consumption in H1 2015 hit a 35-year low. LME lead moved between USD 1,720-1,730/mt during Asian trading hours and dipped to USD 1,700/mt during European and US trading hours. LME lead later railed as support emerged, to end at USD 1,722.5/mt, falling USD 8.5/mt. Trading volumes rose 721 to 4,633 lots. Positions were up 2,461 to 130,853. LME lead inventories posted a decline of 1,850 mt to 211,725 mt.
SHFE 1510 lead was slow to drop versus LME lead, pushing SMM/LME lead price ratio up to 7.38. SHFE 1510 lead reached RMB 12,725/mt after opening last Friday evening session at RMB 12,600/mt, to close at RMB 12,690/mt, up RMB 35/mt.
LME lead should be move between USD 1,700-1,730/mt today. SHFE 1510 will hover between RMB 12,630-12,760/mt and RMB 13,050-13,200/mt for spot lead.