SHANGHAI, Dec. 1 (SMM) – SHFE 1601 lead will find support from the 20-day moving average and move between RMB 12,600-12,750/mt on Dec. 1.
See forecast for other base metals, please click: Shanghai Base Metals to Diverge, SMM Says
Markets will focus on China’s official PMI, Caixin manufacturing PMI and non-manufacturing PMI for November. The official PMI should improve over October’s but still stay below 50.
LME lead will range between USD 1,615-1,650/mt during Asian trading hours Tuesday. In China’s spot market, operating rate remains low at downstream SMEs and some regional smelters move goods out with widening discounts. Spot lead should trace SHFE lead up to RMB 12,850-12,950/mt.