SHANGHAI, Aug. 11 (SMM) – LME lead was depressed to USD 1,714/mt by China’s disappointing PPI and trade data after starting Asian trading hours at USD 1,723/mt. Later, LME lead rallied to USD 1,725-1,730/mt responding to Chinese stocks’ growth. Greek debt crisis turned better during European and US trading hours and thus rising euro weighed on dollar. Consequently, LME lead soared to USD 1,767/mt and ended at USD 1,756.5/mt, up USD 36/mt. Trading volumes decreased 1,067 to 3,485 lots whereas positions were up 696 to 126,699. LME lead stocks increased 2,175 mt to 207,900 mt.
SHFE 1510 lead opened at RMB 13,055/mt for night trading Monday and grew to RMB 13,320/mt. Later, the price moved around RMB 13,190/mt before closing at RMB 13,185/mt, jumping RMB 270/mt.
LME lead should remain range-bound between USD 1,740-1,770/mt Aug. 11. SHFE lead positions posted a large rise Aug. 10 and many longs enter market. Therefore, SHFE 1510 will move at highs between RMB 13,100-13,250/mt. China’s spot lead may hover between RMB 13,300-13,400/mt with downstream consumption picks up slightly.