SHANGHAI, Jul. 16 (SMM) – Last week, SHFE lead prices fluctuated within the RMB 14,800-14,900/mt range, with support at the 20-day moving average, but resistance at the 5-day moving average. SHFE lead prices are expected to move between RMB 14,800-15,000/mt this coming week.
In China’s domestic spot markets, lead prices generally remained between RMB 14,850-14,950/mt, with only a few well-known brands, such as Nanfang, trading higher between RMB 15,020-15,030/mt. Cargo holders were more willing to sell goods and downstream buying interest improved slightly with the onset of the peak-demand season for electric vehicle batteries. With spot lead prices gradually rising above RMB 15,000/mt, smelters will be encouraged to move goods and downstream buyers should be more willing to purchase since orders are expected to improve during the peak demand season. Spot lead prices are expected at RMB 14,850-15,050/mt in the coming week.