Lead climbs as LME stocks fall to 10-year low

SHANGHAI, Jul 4 (SMM) – The most active August lead contract on the Shanghai Futures Exchange rapidly climbed to a high of 16,170 yuan/mt in Thursday afternoon trade, as data showed that lead stocks across the London Metal Exchange warehouses fell to 64,250 mt, lows in over a decade.

LME lead also received a boost from the low inventories.

The SHFE 1908 contract finished the trading day 0.47% higher at 16,150 yuan/mt. The rebound was also driven by bargain-hunting and short-covering after prices fell towards the psychologically-key 16,000 yuan/mt level on Wednesday July 3.