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.....
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