SHANGHAI, Dec. 2 (SMM) – LME lead is expected to move between USD 1,630-1,660/mt during Asian trading hours Wednesday.
Markets expect US ADP employment figure for November to improve over October’s level. US dollar thus will likely challenge 100 again, weighing on base metals prices. However, copper production cut will support metal prices.
See forecast for other base metals, please click:Shanghai Base Metal Prices to Get Support from Cut News, SMM Says
SHFE 1602 lead will keep strong with promising indicators and support at RMB 12,490/mt. And the contract will hover between RMB 12,500-12,720/mt on Dec. 2. Downstream consumption remains sluggish in China but tightness in secondary lead supply will support lead prices. As such, spot lead will be flat with yesterday at RMB 12,900-13,050/mt.