SHANGHAI, Aug. 3 (SMM) – Last Friday evening, LME lead closed down USD 15.5/mt or 0.9% at USD 1,699.5/mt. Trading volumes were up 401 to 3,522 lots with positions down 468 to 130,373. LME lead inventories fell 1,525 mt to 21,875 mt.
China official manufacturing PMI for July came in at 50, below forecast. LME lead should stay range-bound between USD 1,685-1,715/mt today. SHFE 1510 lead will range between RMB 12,930-13,030/mt with upside resistance forming at RMB 13,000/mt and spot lead may fall to RMB 13,150-13,300/mt.