LME and SHFE lead to Hover at Highs Next Week, SMM Says

SHANGHAI, Jul. 1 (SMM) – With positive technical indicators and expectation for loose macro environment, both LME and SHFE lead should move at highs next week, SMM lead group predict.

LME lead is forecast to challenge $ 1,800 per tonne and SHFE 1608 lead to test resistance at 13,300 yuan per tonne.  

In China’s spot market, lead prices may follow SHFE lead up to 12,900-13,100 yuan per tonne next week. SHFE lead prices posted big gains last week while spot lead registered small rises. Hence, spot discounts in Shanghai trend to expand. With upcoming traditional peak-demand season in July, pessimistic sentiment eases slightly and leading battery firms reduce sales promotion activities, leading to hikes in battery prices.

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