SHANGHAI, Dec. 16 (SMM) – Spot lead in China is expected to fall to RMB 13,050-13,200/mt on Dec. 16. Spot supply tightens in market but downstream buyers refuse to buy at highs and only purchase as needed.
See forecast for other base metals, please click: Market Eyes on Busy Data Calendar, with Stronger Caution, SMM Says
Focus is turning to manufacturing PMI and November’s final CPI from euro zone on Wednesday. And markets will also focus on US Fed’s interest rate meeting. Market sentiment stays wary and LME lead should trade at USD 1,700-1,730/mt during Asia trading hours Wednesday.
SHFE 1602 lead finds support at RMB 12,930/mt but meets strong resistance at the 5-day moving average. The contract thus will move between RMB 12,900-13,050/mt today.