SHANGHAI, Dec. 7 (SMM) – LME lead is expected to move at USD 1,665-1,695/mt during Asian trading hours Monday.
US non-farm payrolls beat forecast, boosting expectation for rate hike in December. Also, crude oil prices went down, weighing on lead prices.
See forecast for other base metals, please click: Volatility at Lows to Grow in Base Metal Prices This Week, SMM Says
SHFE 1602 lead moved between the 40 and 60-day moving averages and will range between RMB 12,730-12,900/mt on Dec. 7. In China’s spot market, large lead-acid battery makers ramped up production for year’s target, growing demand and thus spot lead will increase to RMB 12,950-13,100/mt.