SHANGHAI, Dec. 3 (SMM) – LME lead is predicted to move in a range of USD 1,640-1,660/mt during Asian trading hours Thursday.
See forecast for other base metals, please click: Volatility up in Base Metal Market on Sensitive News, SMM Says
Yellen noted that long delay in US rate hike will increase deflation risk suddenly and ADP employment data performed well, supporting US dollar to shot up to 100.51. Focus is turning to China’s/US service-PMIs.
SHFE 1602 lead fins support at the 5-day moving average and should range between RMB 12,550-12,730/mt on Dec. 3. Spot supply reduces modestly and downstream buyers purchase as needed in China and hence spot lead will fall to RMB 12,900-13,050/mt.