SHFE Lead to Weaken Further (2016-5-16)

SHANGHAI, May 16 (SMM) – SHFE 1607 lead will weaken further and move at RMB 12,750-12,900/mt on May 16.

Markets expect US May NY Empire State manufacturing index to be downbeat, which may ease rising momentum for US dollar. This will boost base metals prices.

LME lead will narrowly range USD 1,690-1,710/mt during Asian trading hours Monday. In China’s spot market, downstream demand stays weak and smelters are active in selling, leaving trading lackluster. Spot lead should trade at RMB 12,800-12,950/mt today. 

Key Macroeconomic Indicators for Base Metal Prices (2016-5-16)