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Home / Metal News / China Spot Lead Price to Drop to 13,200-13,350 yuan per tonne (Jun. 22-26, 2015)
China Spot Lead Price to Drop to 13,200-13,350 yuan per tonne (Jun. 22-26, 2015)
Jun 19, 2015 17:44Source:SMM
China’s spot prices may fall to RMB 13,200-13,350/mt next week due to rising supply, SMM lead group foresees.
SHANGHAI, Jun. 19 (SMM) – China’s spot prices may fall to 13,200-13,350 yuan per tonne next week due to rising supply, SMM lead group foresees.
Most smelters have recovered from maintenance and will be keen to sell under liquidity pressure late June. But downstream producers sitting on excess finished goods inventories will be little interested in buying. Both factors should push down spot prices in China.
Support emerges at $1,800 per tonne for LME lead but technical indicators point downwards at the same time. LME lead should move between $ 1,760-1,830 per tonne this week.
SHFE 1508 lead is expected to hover in a range of 12,700-13,100 yuan per tonne this week on falling shorts and mixed technical indicators.
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