SHANGHAI, Jul. 3 (SMM) – Chinese spot lead is expected to move between 13,100-13,300 yuan per tonne next week, SMM lead group estimates.
Lead smelters will move goods out normally while downstream buyers should mainly purchase at low for immediate requirements due to large stocks for finished products despite of alleviated liquidity pressures. High temperature will also curb their production, further cutting downstream demand.
Thus, spot lead should move between 13,100-13,300 yuan per tonne next week.
LME lead may try to break through $ 1,800 per tonne next week with upbeat technical indicators and narrowing cash-to-three month contango.
SHFE 1508 lead finds support at the 20-day moving average but resistances at 13,100 yuan per tonne and the 30-day moving average also emerge. Thus, the contract should test resistance at 13,100 yuan per tonne next week.
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