Lead climbs as Chinese exports slump

Print this page Posted on : 07-23-2008 by recycleinme.com

Lead rose for a third session in London, extending this month's gain to 20 per cent, as exports from China, the world's largest producer of the metal, slumped and metal stockpiles dropped. Copper and zinc also rose.

China shipped 31,456 tonnes of refined lead overseas in the first half, an 80 per cent decline from a year earlier, according to customs data published. Stockpiles of the metal tracked by the London Metal Exchange have fallen 10 per cent this month to a five-week low. The contract for delivery in three months rose $80, or 3.9 per cent, to $2,130 a tonne as of 10:34 a.m. local time, paring this year's loss to 16 per cent.

Summer Factor

Refined copper imports by China, the world's largest user, declined for a second month in June as higher overseas prices deterred buyers and demand from processors eased during the summer slowdown. Imports fell to 75,707 tonnes, down 20 per cent from the previous month, according to customs data. LME copper added $80, or 1 per cent, to $8,200 a tonne as the dollar traded near a record low against the euro, boosting the metal's appeal as an alternative asset.

Aluminium rose $20 to $3,065 a tonne. Nickel rose $75, or 0.4 per cent, to $20,625 a tonne and zinc gained $14.50, or 0.8 per cent, to $1,875 a tonne. Tin dropped $50 to $23,375.

Source : Business Line