SHANGHAI, Aug.30 (SMM) – US personal consumption expenditures posted month-on-month growth in July, rising for 4 months in a row. This increased expectation of interest rate hike in the year. Thus, US dollar hovers at highs and this weighs on base metals prices. Eyes should be on US conference board's consumer confidence index for August today.
LME lead will move between USD 1,855-1,875/mt on Tuesday. SHEF 1610 lead fluctuated at around RMB 13,860/mt on Monday’s night trading. And the contract should range at RMB 13750-13950/mt today. Traders offer prices actively and downstream battery producers decrease purchase due to cash strain at the end of month. Trading is quiet in market. Spot prices are predicted to drop by RMB 25/mt to RMB 13,800-13,950/mt.