SHANGHAI, Aug. 24(SMM) – LME lead started last Friday at USD 1,710/mt but then dived to USD 1,680/mt as Caixin’s manufacturing PMI for China in August turned out to be downbeat. Later, the three-month contract on the LME lurched up thanks to weaker dollar and exit of shorts and finally ended at USD 1,711/mt, up USD 5/mt or 0.29%. Trading volumes totaled 4,107 lots, growing 1,416. Positions decreased 585 to 125,748.
SHFE 1510 lead moved in a tight range between RMB 13,175-13,265/mt after opening last Friday evening session at RMB 13,210/mt, to close RMB 130/mt lower at RMB 13,240/mt, off 0.97%. Trading volumes dropped 5,442 to 1,198 lots while positions rose 114 to 17,678.
LME lead should narrowly range between USD 1,700-1,720/mt on Aug. 24. SHFE 1510 lead is expected to move between RMB 13,100-13,300/mt and spot lead may fall RMB 50/mt to RMB 13,250-13,350/mt.