Shanghai lead retreats from 7-1/2-month peak in holiday-thinned trade

MANILA — Chinese lead futures retreated on Monday from their strongest level in nearly eight months, tracking losses in London in the prior session, as investors cashed in on the recent sharp gains.

Trading was slow with the London Metal Exchange (LME) shut for a UK public holiday.

The most- traded lead contract on the Shanghai Futures Exchange was down 1.1% at 19,870 yuan a ton by 0150 GMT. It touched 20,225 yuan on Friday, its loftiest since Oct. 9.

BOOST

Profits earned by Chinese industrial firms in April rose at their fastest pace in six months, data from the National Bureau of Statistics showed on Sunday, as factories benefited from higher prices and strong demand.

London- listed Vedanta Resources hopes to restart its copper smelter in a southern Indian city and still wants to double its capacity despite protests demanding its closure that killed 13 people this week.

Australia’s Fortescue Metals Group Ltd., the world’s fourthlargest iron ore miner, said its board has approved the development of a $1.28-billion mine and rail project in Western Australia, in a bid to boost the price it gets for its iron ore.

Russian automaker Avtovaz said it will continue to buy aluminum from sanctions- hit Rusal but was looking for alternative sources in case it has to wind down business with the world’s biggest producer of the metal.

US President Donald Trump said a US team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Mr. Trump pulled out of last week before reconsidering.

US stock futures rose on signs that the US and North Korea are still working towards holding a summit next month, while oil prices extended losses on expectations of more supply from major producers.

The euro recovered from a sixand-a-half-month low against the dollar.

Among other metals, Shanghai copper eased by 0.20% to 51,400 yuan a ton, zinc climbed 1.2% to 23,810 yuan, aluminum edged up 0.20% to 14,820 yuan and tin advanced 1.2% to 149,100 yuan. —