SHANGHAI, Oct. 13 (SMM) – LME lead started at USD 1,780/mt on Monday and then increased amid Glencore’s cut news. But later LME lead edged down in response to crude oil prices. The 3-month contract rallied before ending up USD 24.5/mt or 1.38% at USD 1,805.5/mt.
SHFE 1512 lead started higher at RMB 13,750/mt for night trading Monday and then slid owing to shorts’ entering market, to close down RMB 25/mt at RMB 13,625/mt.
Glencore announced to sell its copper mines in Chile and Australia but crude oil prices slumped. As such, LME lead will hover between USD 1,780-1,810/mt during Asian trading hours. With upbeat technical indicators, SHFE 1512 lead should follow LME lead to range between RMB 13,550-13,700/mt on October 13. Spot supply edges up in China’s lead market and high offers by sellers dampen downstream buying. Hence, spot lead is likely to fall RMB 25/mt to RMB 13,500-13,600/mt.
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