Lead slips

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 shut for a UK public holiday.

The most-traded lead contract on the Shanghai Futures Exchange closed down 1.1 percent at 19,870 yuan ($3,109) a tonne.

It touched 20,225 yuan on Friday, its loftiest since Oct. 9. 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. China´s largest state aluminium producer Chinalco has sealed a joint venture deal with the Yunnan government and the province´s state-run metal group, giving it its first foothold in the southwestern region´s aluminium market.