SHANGHAI, May 23 (SMM) – LME lead will remain under downward pressure and will range USD 1,660-1,680/mt during Asian trading hours Monday.
US annualized April existing home sales issued last Friday turns out to be positive and this raises bets for rate hike in June. US dollar will thus hold strong in short term.
SHFE 1607 lead will move between RMB 12,600-12,750/mt on May 23. In China’s spot market, inventories pile up at downstream battery producers, who hence takes a wait-and-see stance. Spot lead should trade at RMB 12,650-12,800/mt today.
Key Macroeconomic Indicators for Base Metal Prices (2016-5-23)