SHANGHAI, Sept. 2 (SMM) – LME lead should decline to $ 1,700-1,760 per tonne next week, SMM predicts.
As seen before, LME lead will fall back after touching the 40-day moving average. Hence, LME lead is predicted to decrease next week as LME lead already broke out to the moving average this week. Besides, bearishness looms market.
SHFE 1511 lead, shifting to the most active contract on September 2, will weakly range between 13,200-13,400 yuan per tonne next week due to weakness in Chinese stock market. Moreover, Chinese yuan has gained for 4 consecutive days following its slump on August 11, posing great pressures on high SMM/LME lead price ratio.
Mainstream traded prices should be 13,200-13,350 yuan per tonne for spot lead in China next week. Restart of secondary lead smelters in Hebei and Henan will heavily hit refined lead market, curbing lead prices.
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