SHANGHAI, May 20 (SMM) – Lead prices will experience a correction in the short term but rally again in the fourth quarter, SMM analyst Zhu Rongrong said at the 2015 SMM Lead&Zinc Summit May 13-15.
With Chinese smelters resuming production and demand downstream waning, lead prices will face a correction following rapid climbs earlier, Zhu explained at the meeting.
However, she predicted that lead market will witness a 36,000-tonne deficit this year which may allow prices to rise again in Q4.
Lead inventories in Shanghai and Guangdong have fallen to about 110,000 tonnes in May, a low last seen in 2012, SMM data indicate.
“We see China’s spot lead prices to move at 13,000-14,200 yuan per tonne this year, and London Metal Exchange lead at $1,900-2,200 per tonne,” Zhu said.
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