SHANGHAI, Aug. 4 (SMM) – Caixin’s PMI for China in July, released Monday evening, fell to a two-year low, triggering bearishness in market. LME lead touched a low of USD 1,672/mt during Asian trading hours. But LME lead rallied during European and US trading hours, to close at USD 1,700.5/mt, up USD 1/mt or 0.06%. Trading volumes saw a rise of 1,114 to 4,636 lots while positions dropped 1,545 to 128,828. LME lead stocks grew 200 mt to 218,775 mt.
SHFE 1510 lead dived to RMB 12,650/mt for night trading Monday and finally ended down RMB 230/mt at RMB 12,740/mt.
LME lead is likely to range between USD 1,675-1,705/mt on August 4. SHFE 1510 lead should move between RMB 12,680-12,780/mt and RMB 13,050-13,150/mt for spot lead.