[sudden] LME metals fell 2.4 per cent in London LME lead

Published: Jul 30, 2019 20:03

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In London trading, the LME non-ferrous metals market trend is weak, LME lead fell. As of press time, LME lead fell 2.4 per cent to $114418 a tonne. LME copper fell rapidly after falling below the integer 6000 mark, hitting as low as $5948 a tonne.

SMM July 30 News: London trading hours, LME non-ferrous metals market trend is weak, LME lead 3 led the decline. As of press time, LME lead 3 fell 2.4% to $114418 a tonne. LME copper 3 fell rapidly after falling below the integer 6000 mark, hitting as low as $5948 a tonne.

(LME lead 3-day line chart)

According to the SMM lead analysis team, according to changes in metal stocks on the London Metal Exchange on July 30, LME lead stocks increased by 11850 tons to 67325 tons today, and Lun lead fell to US $2025 per tonne, and the 5-day moving average turned downward, if the contango structure of the LME lead premium is expanded, which may contribute to the fall of Lun lead. Check out more information "[SMM monthly Prospect] maintenance tide at the end of the supply to restore the VS traditional peak season August lead prices to see who runs fast!

At present, the 12th round of trade negotiations between China and the United States has begun, and the two sides will first have a working dinner, followed by the next step of negotiations. The market is full of expectations for the positive results of the Sino-US trade negotiations. Chinese enterprises have already purchased agricultural products such as US soybeans, and the US side has removed 110 tariffs on Chinese goods.

In addition, the Federal Reserve will announce its latest interest rate decision at 2:00 Beijing time on Thursday, and the Fed chairman will hold a press conference in half an hour. Market expectations for the Fed to cut interest rates are already very strong, thinking that the probability of the Fed cutting interest rates by 25 basis points is very high. Today, Trump even expressed dissatisfaction with the Fed, saying the Fed raised interest rates too quickly and too much, suggesting that the Fed cut interest rates sharply.

Non-farm payrolls data for July will also be released on Friday, and non-farm data will also have a significant impact on the dollar after the Fed's decision, and metal markets are expected to fluctuate with the dollar.

In short, this week's important events and data gathered, the subsequent fluctuations are worth looking forward to.

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LME lead

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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