SHANGHAI, Sept. 18 (SMM) – LME lead is expected to fluctuate between $ 1,700-1,750 per tonne next week, SMM analyst reckons.
LME lead meets strong resistance at the 60-day moving average but meanwhile finds solid support at several moving averages.
SHFE 1511 lead is expected to range between 13,200-13,350 yuan per tonne next week. Lead smelters will be keen to sell before holiday. Low premiums will stimulate traders to sell lead futures and buy spot lead, depressing SHFE lead prices. Moreover, Chinese yuan’s rise reduces market expectations over its devaluation.
In China’s spot market, lead may trade between 13,300-13,400 yuan per tonne next week with a pick-up in transactions. Spot supply should increase as cash-hunger lead smelters and traders will be eager to sell before holiday. Downstream large producers will increase purchase with limited stocks built previously.
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