SHANGHAI, Aug. 14 (SMM) – During Asian trading hours, LME lead started at USD 1,737/mt. The People’s Bank of China said Thursday that there’s no basis for depreciation to persist and that it will step in to control large fluctuations. Therefore, LME lead soared to USD 1,760/mt but later fell to USD 1,724.5/mt, to end at USD 1,737.5/mt, slipping USD 2.5/mt. Trading volumes dropped 3,195 to 2,896 lots while positions grew 1,391 to 128,581. LME lead saw a decline of 1,275 mt to 203,975 mt in inventories.
LME lead should remain range-bound between USD 1,720-1,750/mt on Aug. 14. SHFE 1510 lead is predicted to range between RMB 13,250-13,350/mt and RMB 13,300-13,450/mt for spot lead.