LME Lead to Struggle around $ 1,600 per tonne Next Week

Nov 13, 2015 15:45

Source:SMM

LME lead is predicted to test support at $ 1,600/mt next week on the back of poor technical indicators, Shanghai Metals Market reckons.

SHANGHAI, Nov. 13 (SMM) – LME lead is predicted to test support at $ 1,600 per tonne next week on the back of poor technical indicators, Shanghai Metals Market reckons.

LME lead still moves below the 5-day moving average and technical indicators show signs of downward pressure.

On the SHFE market, 1601 lead contract should range between 12,500-12,750 yuan per tonne next week, hurt by firm dollar, declines in crude oil prices, Chinese economy slowdown and downstream weak demand.

China’s spot lead prices will slide to 12,900-13,000 yuan per tonne next week in response to poor demand and SHFE lead.

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LME lead price forecast

SHFE lead prices

spot lead price forecast

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LME Lead to Struggle around $ 1,600 per tonne Next Week

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