SHANGHAI, Apr. 16 (SMM) – China’s Q1 growth hit a six-year low, while industrial growth and fixed assets investment both fell short of market expectations.
LME lead prices opened at USD 1,985.5/mt during Asian trading hours, then fell to as low as USD 1,970/mt. As sluggish economic indicators feuled market expectations that China will rlease additnal stimulus measures, LME lead prices climbed. US March industrial output was down 0.6%, lower than market expectations, pushing down the US dollar index and bolstering base metals prices. LME lead prices jumped to USD 2,006/mt and closed at USD 2,003/mt, up USD 15/mt. Trading volumes increased 923 to 5,207 lots, and total positions fell 1,291 to 139,936. LME lead inventories fell 3,625 to 211,025.
SHFE 1506 lead contract prices opened at RMB 13,150/mt overnight, with the high-end of the price range of RMB 13,325/mt, and closed at RMB 13,240/mt, up RMB 140/mt. Trading volumes were 8,522 lots, and total positions grew 498 to 18,288.
LME lead prices should fluctuate between USD 1,990-2,020/mt today. SHFE 1506 lead contract prices will hover between RMB 13,150-13,350/mt, with spot lead prices in Shanghai between RMB 13,150-13,300/mt.