SHANGHAI, Aug 3 (SMM) –
LME lead opened at $2135.5/mt on Wednesday, with high and low at $2154.5/mt and $2131/mt before closing up 0.54% at $2147/mt. Open interest decreased by 840 lots to 120,000 lots. Trading volumes rose 572 lots to 4,401 lots.
The most active SHFE 2309 lead contract opened at 15935 yuan/mt, with high and low at 15965 yuan/mt and 15890 yuan/mt before closing down 0.16% at 15920 yuan/mt. Open interest increased by 484 lots to 107,000 lots from the previous trading day, and trading volumes fell by 21,068 lots to 22,242 lots.
On the macro level, in the morning the July China Caixin Services PMI will be issued, and in the evening, the number of initial jobless claims in the US for the week ending July 29, and the final value of the July Markit Services PMI will be announced. In terms of fundamentals, the supply of lead ingots is expected to increase in August, and the actual consumption recovery still needs attention. Lead ingots at home and abroad are currently in a trend of accumulation, dragging down the increase in lead prices. The prices of lead concentrate and waste batteries remain high, supporting the prices of lead ingots. On the whole, in the case of relatively stable macroeconomic conditions, short-term lead ingot prices may maintain boundrange movement.
