SHANGHAI, Jul. 29 (SMM) – Tuesday evening, LME lead started Asian trading hours at USD 1,701/mt. China Securities Regulatory Commission and National Development and Reform Commission announced to rescue Chinese stocks. US S&P/Case-Shiller 20-City Home Price Index recorded biggest drop since July 2014. US Conference Board's CCI for July hit a new low since September 2014. Even so, commodity prices rallied and LME lead advanced to USD 1,741/mt, to finish at USD 1,735/mt, up by USD 31/mt. Trading volumes fell 1,812 to 3,657 lots whereas positions were up 1,115 to 132,623. LME lead stocks slipped 875 mt to 220,975 mt.
SHFE 1510 lead opened at RMB 12,700/mt for nigh session Tuesday and soared to RMB 13,000/mt, to close at RMB 12,955/mt, rising RMB 315/mt.
LME lead is likely to move between USD 1,720-1,750/mt today. SHFE 1510 lead should fluctuate between RMB 12,880-13,030/mt. In China spot market, lead smelters rush to sell after the spot price hike but end-month cash crunch curbs downstream producers’ buying interest, leaving trades muted. Thus, spot lead is expected to move in a range of RMB 13,250-13,350/mt.