SHFE Lead to Remain Range-Bound Trading (2016-10-24)

SHANGHAI, Oct. 24 (SMM) – Attention should be on Eurozone’s manufacturing index on Monday and US St. Louis Fed President James Bullard’s speech on US’s economy and monetary policy. LME lead is expected to move at USD 1,990-2,010/mt on Monday. SHFE 1612 lead dropped from highs on last Friday and is predicted to keep firm for the short term. The contract should range between RMB 15,600-15,800/mt on Monday.
In China’s domestic market, suppliers leave firm prices unchanged while downstream buyers purchase more low-grade lead, who expect prices to fall. Spot lead should trade at RMB 15,600-15,750/mt on Monday.