SHANGHAI, Nov. 27 (SMM) – LME lead is expected to break above $ 1,630 per tonne next week due to upbeat technical indicators, SMM lead analysts reckon.
See SMM Survey, Please Click:70% China Market Players Pessimistic over Lead Prices This Week, SMM survey
SHFE 1601 lead will test resistance at 12,600 yuan per tonne next week, given upside technical indicators and position opening by longs, helped by news of output cut of other metals and stock building of metal reserves by the State Reserve Bureau (SRB).
Spot lead in China should trace SHFE lead up slightly to 12,800-13,000 yuan per tonne next week.
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