SHANGHAI, Feb. 29 (SMM) – LME lead will return above USD 1,700/mt and range USD 1,720-1,750/mt during Asian trading hours Monday.
Attention is turning to February CPI from euro zone and US January existing home sales. SHFE 1604 lead find support at RMB 13,600/mt and should hover between RMB 13,600-13,800/mt on Feb. 29. In China, spot lead cargo holders rush to sell while downstream purchase should be limited on the last trading day of Feb. Spot lead will trace SHFE lead up to RMB 13,800-13,950/mt.
Key Macroeconomic Indicators for Base Metal Prices (2016-2-29)