SHANGHAI, Nov. 30 (SMM) – LME lead will move in a range of USD 1,610-1,630/mt during Asian trading hours Monday on the back of strong dollar.
See forecast for other base metals, please click: Declines to Return in Base Metal Market This Week, SMM Says
Economic figures will come on stream this week and markets will focus on interest rate decision of the Europe Central Bank and US non-farm payrolls. And US dollar will possibly remains firm.
SHFE 1601 lead meets resistance at the 5 and 20-day moving averages and should range between RMB 12,400-12,600/mt on Nov. 30. In China’s spot market, downstream demand stays weak with market lacking major reports today. Thus, spot lead will fall to RMB 12,800-12,900/mt.