Lead gets boost from Chinese production issues
Dec 19, 2007 | 12:44 PM
| Meghann McDonell
Lead regained some ground on the London Metal Exchange Wednesday following news that several companies in Shadian, Yunnan province, had ceased production because of a tax dispute.
Three-month lead closed the final kerb at $2,526 per tonne, up from $2,420 per tonne the previous day.
The gain came despite a 124-tonne rise in LME-registered warehouse stocks, bringing the total as of Wednesday morning to 43,600 tonnes.
Lead production was halted at several companies in Shadian after the government abolished a policy that had reduced their value-added taxes (VAT) to 6.6 percent from 17 percent. Without the preferential rate, lead producers' costs have increased significantly, according to analysts.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.