Lead Price Outlook Still Bearish after Plunge

Jun 16, 2015 10:50

SMM #1 lead price tumbled 150 yuan per tonne June 12 and extended losses on Monday. Markets remain bearish towards lead prices, SMM’s survey indicates.

SHANGHAI, Jun.16 (SMM) – SMM #1 lead price tumbled 150 yuan per tonne June 12 and extended losses on Monday. Markets remain bearish towards lead prices, SMM’s survey indicates.

Negative technical indicators may pressure the August-delivery SHFE lead, dragging down spot lead prices, market players surveyed by SMM said.

Weak fundamentals also bode ill for lead prices. The latest SMM survey of Chinese lead smelters shows their utilization rate grew to 59.05% in May, presaging growing supply in lead market. This occurred when lead-acid battery sector was in an offseason, meaning lead consumption should be poor.

Price edge of secondary lead will be another drag on #1 lead price, some respondents told SMM. The 400-600 yuan spread between secondary refined lead and #1 lead will boost buying interest for the former, hurting #1 lead demand.

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Lead Price Outlook Still Bearish after Plunge

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