Lead prices gain on China smelter shutdown

There was mixed news for metals out of China Monday as new data from the customs office there said that refined copper imports doubled and more in the first half of the year but were down 23 percent in July from June’s levels.

Additionally, it was reported that Henan province in China, the Asian nation’s largest producer of lead, has shut down up to 240,000 tonnes of its yearly lead-smelting capacity.

Prices for both metals were up on the new data, with lead adding 8.2 percent to $2,016 per tonne on the London Metal Exchange, while three-month copper was up $130 to $6,400 per tonne in London and September copper gained 3 cents to $2.92 per pound in New York trade.

Copper’s gains were helped by improved sentiment after Federal Reserve Chairman Ben Bernanke and European Central Bank President Jean-Claude Trichet both said at a Wyoming conference over the weekend that the global economy is beginning to emerge from recession.

Other base metals prices, meanwhile, were mixed in London.

Gold was lower on the session as the US dollar strengthened, cutting demand for the precious metal as an investment.

December gold was down $10.70 to $944 per troy ounce in New York, while October platinum was also lower, falling $11.10 to $1,248.10 per troy ounce, but December silver added 18 cents to $14.38 per troy ounce.