SHANGHAI, May 29 (SMM) - LME Lead soared to USD 2,000/mt, up about 3% despite growing dollar this past week and should fluctuate between USD 1,950-2,030/mt with stronger dollar, weaker demand and upbeat technical indicators, SMM forecasts.
SHFE 1507 lead is expected to hover between RMB 13,200-13,500/mt with resistance at RMB 13,450/mt. Falling SMM/LME lead price ratio, together with slipping longs and growing shorts, indicates that confidence weakens in SHFE lead contracts.
Spot premium should inch down gradually with reasons that first, loan repayment pressure will rise in June; second, previous primary lead smelters conducting maintenance resume production and are glad to sell; finally, low downstream lead battery producers demand eases tight supply.
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