SHANGHAI, Jul. 24 (SMM) – LME lead should test support at $ 1,670-1,680 per tonne next week, SMM lead group reckons.
US GDP in Q2 is expected to grow 2.5% with Q1’s drop of 0.2%, which will drive dollar up and metal prices down.
Though net long positions are left unchanged and LME cash-to-three month contango edges down, positions of LME lead have plunged for three weeks, a sigh of capitals gradually withdrawning from market, depressing LME lead prices.
SHFE 1510 lead is expected to hover between 12,500-12,600 yuan per tonne next week.
China spot lead should move between RMB 12,900-13,100/mt this week. Shortage in spot supply will be eased as tight liquidity will force lead smelters to ship more goods out and downstream buyers to cut purchase.
For news cooperation, please contact us by email: firstname.lastname@example.org or email@example.com.