SHANGHAI, Dec. 9 (SMM) – SHFE 1602 lead will narrowly range between RMB 12,800-12,980/mt on Dec. 9 with support at moving averages.
See forecast for other base metals, please click: Shanghai Base Metal Prices to Diverge, Eying on China Data, SMM Says
Despite poor reading of China’s import and export data, lead prices remains strong recently. And domestic auto sales improve markedly due to 50% cut in vehicle purchase tax, improving market sentiment.
LME lead and will stay range-bound at USD 1,670-1,705/mt during Asian trading hours Wednesday. In Chinese spot market, traders quote lead prices at high owing to shortage of supply and downstream demand picks up slightly. Spot lead will trade flat at RMB 13,050-13,150/mt.